20 Lessons in Business from Warren Buffet

It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.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.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.

You only have to do a very few things right in your life so long as you don’t do too many things wrong.

Via Flickr

Via Flickr

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

The investor of today does not profit from yesterday’s growth.

Chains of habit are too light to be felt until they are too heavy to be broken.

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Time is the friend of the wonderful company, the enemy of the mediocre.

Honesty is a very expensive gift, Don’t expect it from cheap people.

Price is what you pay. Value is what you get.

Via Flickr

Via Flickr

If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.

Risk comes from not knowing what you’re doing.

No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.

You never know who’s swimming naked until the tide goes out.

I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.

In the world of business, the people who are most successful are those who are doing what they love.

Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.

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