Top 10 Warren Buffet Quotes

A collection of some of my favorite quotes from the famous Omaha Investor. I like to think about them as a way of peeking into how he sees things:

1. "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." (To his son Howard)
   
   
2. "Somebody once said that in looking for people to hire, you should look for three qualities: integrity, intelligence , and energy. And if they don't have the first, the other two will kill you. You think about it; it's true. If you hire somebody without the first, you really want them to be dumb and lazy"
   
   
3. "I gave a talk last year; some student at Harvard asked me, 'Who should I go to work for?' I said go to work for whoever you admire the most. I got a call from the dean about two weeks later. He said, 'What are you telling these kids? They're all becoming self-employed.'"
   
   
4. "I want to be able to explain my mistakes. This means I do only the things I completely understand." (On Investing)
   
   
5. "Do a lot of reading" (On how to determine the value of a business)
   
   
6. "If they need my help to manage the enterprise, we're probably both in trouble." (On how he expects his managers to run the show)
   
   
7. "Rule No. 1: Never lose money. Rule No. 2: Never forget Rule. No. 1" (Investment Philosophy)
   
   
8. "The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable."
   
   
9. "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
   
   
10. "It has always been a fantasy of mine that a boatload of 25 brokers would be shipwrecked and struggle to an island from which there could be no rescue. Faced with developing an economy that would maximize their consumption and pleasure, would they, I wonder, assign 20 of their number to produce food, clothing, shelter, etc., while setting five to trading endlessly on the future output of the 20?" (Poking Fun at Option Traders)
    
    

(From : Warren Buffet Speaks - Wit and Wisdom from the World's Greatest Investor)

(Picture Credit : Mark Hirschey)