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- W3215612658 abstract "This completes my discussion of selected quotes from Warren Buffett. 1 117 Inspiring Warren Buffett quotes. – Available at: http://www.debtfreedr.com Accessedon: August 24, 2021. Google Scholar 1)“I always knew I would be rich. I don't think I ever doubted it for one minute”. RMD comment: I think this is Mr. Buffett's most important quote that I have not heard before. It's impossible for anyone to succeed, to be the best, without pushing themselves, without believing they are the best. This is not the braggadocios “I'm the greatest” of some athletes, but an inner confidence of the true winners. 2)“Cash is to a business like oxygen is to an individual”, and 3)“People who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset that pays virtually nothing and is certain to depreciate in value. RMD comment: I discuss these together because it is a perfect example of “the right tool for the right job”. In the short term, cash is liquidity, it is power, you can buy whatever you want and need, and you can buy it right now. In the long term, cash is trash, a guaranteed loser, both because it produces no return, and loses purchasing power because of inflation. 4)“Never ask a barber if you need a haircut”. RMD comment: My maternal grandmother was a seamstress her entire adult life. She said “Bob, when you are trying on a suit, and the salesman adjust it on your shoulders, watch out, because it doesn't fit. When he calls the other salesman over to tell you how nice it looks, leave the store”. 5)“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars”. RMD comment: Typical pithy, and accurate, Buffett quote. 6)“The best thing I did was to choose the right heroes”. RMD comment: Since truly new and different things are rare, a good way to get ahead is to look at what made others successful. Integrity, of course, is always at the top of the list. When you have integrity, nothing else counts. When you don't have integrity, nothing else counts. 7)“You do things when the opportunities come along”. RMD comment: True opportunities don't come along every hour or every day or every week. They actually occur quite rarely. And don't talk yourself into anything. When I said yes, then no, then yes, it was always a loser. When I looked at something and in 10 seconds told myself this is the greatest thing since sliced bread, these were my winners . 2 Gladwell M. Blink: The Power of Thinking Without Thinking. Little Brown and Company, New York2005 Google Scholar The occasional times it wasn't, I tried to learn and move on, but never second guessed myself. 8)“Never invest in a business you cannot understand”, and 9)“Risk comes from not knowing what you are doing”. RMD comment: Peter Lynch of Fidelity Magellan put it another way: “never invest in any idea you can't illustrate in 5 minutes with a crayon . 3 Lynch P Rothchild J. One Up on Wall Street: How to Use What You Already Know to Make Money in the Market. Simon and Schuster, New York1989 Google Scholar 10)“Accounting is the language of business”. RMD comment: The balance sheet to a businessman is like an EKG to a cardiologist. Everything you need to know is right there." @default.
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- W3215612658 date "2022-02-01" @default.
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- W3215612658 title "“Quotes from Warren Buffett: Part II of II”" @default.
- W3215612658 doi "https://doi.org/10.1016/j.amjcard.2021.10.031" @default.
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