Warren Buffett is a true genius as he is able to simplify complex ideas into quotes that will stand the test of time. Warren Buffett spent his life dispensing advice to all who would listen, earning him the nickname of the Oracle of Omaha.
1. Temperament is Better than Intellect
Buffett want you to know that while intellect is an important quality of a good investor, temperament is most important.
“The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.” said Buffett
2. Relationship is Better than Money
Buffett doesn’t want you to focus too much on how much money you have. Being rich is nice, but how you get there — and the people who help and support you along the way — is what matters the most.
“I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.” said Buffett
3. Look for Future Growth
Buffett warns investors to look for future growth and not be tricked by unsustainable past performance when choosing investments.
“Of course the investor of today does not profit from yesterday’s growth.” said Buffett
4. Successful Investment Always takes Time, Discipline and Patience
Buffett helps us to understand that according to natural law, some things just take time, discipline and patience irrespective of how much talent or effort we put into it and one of them is Successful Investment.
“Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.” said Buffett
5. Do All You Can to Keep Your Reputation
Buffett wants us to beware of what we think, do and say because our reputation which is very very difficult to build can be ruined in no time and without stress by a little slip, because once we destroy our reputation, it will take a lot more time, diligence and effort to rebuild and sometimes impossible to rebuild.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” said Buffett
6. The Effect of Large Dose of Effortless Money
Buffet wants you to know that large dose of effortless money can force you to sleep more than anything in the world, that is, it will make you to loose control and override your thoughts, words and actions a lot more than any thing else.
Hence he said, “Nothing sedates rationality like large doses of effortless money.”
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