Business magnate, investor and philanthropist, Warren Buffett is considered to be one of the most successful businessmen of the 20th century. Here are a few of his thoughts on investment and running a successful business:

“Rule No. 1: never lose money; rule No. 2: don’t forget rule No. 1.”

”The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’”

“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”

“Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.”

”Time is the friend of the wonderful business, the enemy of the mediocre.”

“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.”

“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.”

“In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.”

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”

“Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.”

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.”

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

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