When the richest investor in the world decides to speak, there’s no doubt that people are listening.
The 82-year-old American, Warren Buffett, is currently worth about $44 billion. His nickname is the Oracle of Omaha, and he’s the most widely quoted investor on the face of the earth. There are many financial experts that literally swear by the wisdom that he provides.
Let’s take a look at 5 of the best Warren Buffett quotes, and the lessons that they teach us.
“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No.1.”
This is definitely a very smart rule to follow, but it’s not always possible to live up to. Warren Buffett, being the biggest investor in the world, even lost billions of dollars when the financial crisis took place on a global scale. He even said that he did some “dumb things.”
He has benefited quite nicely over the long term by trading conservatively, and he did this by avoiding all investment fads.
According to Lawrence Orlando, of Bourke Shaw Financial Services, you can minimize your losses by keeping the right attitude and doing proper research. He says that “investing ultimately is about making money, not losing it.”
“It is better to hang out with people better than you… You’ll drift in that direction.”
Lawrence Orlando mentions that you should not ever be afraid to ask a successful investor how they got to where they are.
“I have found that experts are always willing to help out where possible,” said Orlando.
And Tony Catt reminds us that “success leaves clues.”
“I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”
This is sage advice from the Oracle of Omaha. He’s telling you that it’s easy to tackle small things. Instead of trying to leap tall buildings, you should step over tiny hurtles to your ultimate success. I think this is an excellent way to improve your business and your overall life.
“I buy on the assumption that they could close the market the next day and not reopen it for five years.”
You need to have the right type of mindset when you are an investor. And this is basically what Warren Buffett wants you to realize. So please think long term, and be willing to invest in a company for at least five years or longer.
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
This is another quote that tells you that you need to look at things for the long term. Tony Catt says that “we should never forget why we enjoy some of today’s luxuries – most of them are because someone else had a long-term vision and was prepared to invest for the future.”
Orlando gives an example in regards to bank savings.
“Saving $50 a week over 10 years will allow you to save $26,000, not including interest, and like the tree it has taken years to grow,” he says.