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the COUNSEL that legendary investor Warren Buffett offered to invest in life over the years has helped him gain many followers who eagerly read his annual letters and filled the Omaha arena every year to hear him at Berkshire Hathaway’s annual meetings.
said Buffett last day as CEO is Wednesday after six decades of building the Berkshire conglomerate. He will remain chairman, however Greg Abel Carry On take over the leadership.
Here’s a collection of some of Buffett’s most famous quotes from over the years:
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“Be fearful when others are selfish, and selfish when others are fearful.”
That’s how Buffett summed up his investment strategy of buying out-of-favor stocks and companies when they were trading below his estimated value.
He also encourages investors to stick to industries they understand to be within their “circle of competence” and offers this classic adage: “Rule No. 1: Never lose. Rule No.
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“After they have first followed all the rules, I want the employees to ask themselves if they are ready to have any considered action that appears the next day on the front page of their local paper to be read by their spouses, children and friends in the report made by an informed and critical journalist.
“If they follow this test, they need not fear my other message to them: Lose money for the company and I will be understanding; lose a little reputation for the company and I will be ruthless.”
That’s the ethical behavior Buffett explained to a Congressional committee in 1991 that he would apply as he cleaned up the Wall Street investment firm Salomon Brothers. He repeated the newspaper test several times since many years.
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“You only know who’s swimming naked when the water recedes.”
Many companies can do well when times are good and the economy is growing, but Buffett told investors that a crisis often reveals whether businesses are making good decisions.
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“Who you are with is very important. Don’t expect that you will make every decision that is right. But you can improve your life in the general direction of the people that you work with, that you admire, that you become friends with.”
Buffett always said the youth that they should try to associate with people they feel are better than them because that will help improve their lives. He says that’s especially true when it comes to choosing a spouse, which is perhaps the most important decision in life.
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“Our unwavering conclusion: don’t bet against America.”
Buffett has always remained steadfast in his belief in the American capitalist system. He wrote in 2021 that “there is no incubator for the release of human potential like America. Despite some serious disruptions, our country’s economic growth has been astounding.”
