Thread: Q&A with Warren Buffett

Great article, JScott. Thanx for the link! Speed+

A couple of my favorite pearls:

"Out of school I offered to work for Graham for free and he said I was overpriced."

"After a talk at Harvard, I told them to work for who they admired the most, so they all become self-employed."

"If it’s your game, diversification doesn’t make sense... If you have Lebron James on your team, don’t take him out of the game just to make room for someone else."

great article.
I loved many quotes:

Markets are efficient most of the time about most things. But for these opportunities, nobody will tell you about them. They won’t be on CNBC and they won’t be in brokerage reports. You have to go find them yourself.
...
The markets will get it right eventually. But they are there. You don’t have to find too many. Finding 10 of these opportunities in your lifetime will make you so rich. But you can’t be wrong. You can’t have any zeroes. A list of big numbers multiplied by zero will equal zero. You can’t go back to “Go”.

Tell me who your heroes are and I’ll tell you how you’ll turn out to be.

I think the best way to stimulate the economy is to give money to the poor. They will spend it. Don’t give it to guys like me. Infrastructure investment makes sense, but we haven’t done it in a while and it won’t do anything for the next 6-12 months. Infrastructure is not big relative to GDP. We are a consumer-driven society, spending 106% of production.

nice find

Buffett has such a simple and efficient take on things, it's great.
I don't play the market much anymore, nor do I care too.
Even so, his lessons apply to all sorts of things, and all sorts of strategies.

I like to think if I run my businesses 1/10th as well as the people he would hire, that things will work out just fine

speed +

Originally Posted by Jill

"If it’s your game, diversification doesn’t make sense... If you have Lebron James on your team, don’t take him out of the game just to make room for someone else."

I love this one.

I saw a "money makeover" on tv yesterday.
The lady was a real estate investor.
She had been doing it for years,
piling up the net worth.
The "experts" were telling her to diversify,
to get into stocks, bonds, etc.

WTF?
She is winning at the real estate game,
why would she want to play something else?

I think boredom is one of the biggest risks to wealth.

This is the quote I printed for myself:

You can make a list of the qualities you admire and those you despise. To turn the tables, think if this is the way I react to the qualities on the list, which is the way the world will react to me. You can learn to turn on those qualities you want and turn off those qualities you wish to avoid. The chains of habit are too light to be felt until they are too heavy to be broken. You can’t change at 60; the time to look at that list is now

Sparky