OMAHA, Neb. (AP) — Warren Buffett’s advice on investing and life has won him many fans. His annual letters get a lot of attention, and each year, thousands gather in Omaha to hear him speak at Berkshire Hathaway’s meetings.
Buffett is stepping down as CEO after leading Berkshire for over 60 years. While he will still be the chairman, Greg Abel is set to take over leadership.
Here are some of Buffett’s most memorable quotes that capture his investing wisdom:
“Be fearful when others are greedy, and greedy when others are fearful.” This sums up Buffett’s approach: investing in undervalued stocks when others avoid them.
He also emphasized the importance of focus and knowledge: “Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.” Stick to what you know well.
Another key quote highlights ethics in business: “If they follow this test, they need not fear my other message to them: Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless.” He shared this standard when cleaning up the Wall Street firm Salomon Brothers in the early 90s. The idea is simple: reputation matters.
Buffett also said, “You only find out who is swimming naked when the tide goes out.” This means that tough times reveal which companies are truly sound and which are not.
On relationships, he advised, “Who you associate with is just enormously important.” Surround yourself with those who inspire you, especially when it comes to choosing a life partner.
Lastly, Buffett believes in the strength of the American economy: “Our unwavering conclusion: never bet against America.” In a letter from 2021, he stated that America has been a powerful engine for unleashing human potential.
Buffett’s insights remind us that investing isn’t just about numbers; it’s also about values and ethics. His wisdom persists, guiding many through uncertain times.
For more on Buffett’s thoughts, check out his annual letters here and to learn more about his leadership transition, visit this link.
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Warren Buffett, Berkshire Hathaway, Greg Abel
