Warren Buffet citáty page 4

„Vybudovať si dobré meno trvá 20 rokov a zničiť ho je možné za päť minút.“

„So zlým človekom nemôžete uzavrieť dobrý obchod.“

„Nikdy sa nevsádzajte proti Spojeným štátom americkým.“

„Kritizujte skupinu - chváľte jednotlivca.“

„Nikdy neskúšajte hĺbku rieky oboma nohami.“

„Dnes niekto sedí v tieni pretože ktosi kedysi dávno zasadil strom.“

Warren Buffet citáty a výroky

„Bez vášne nemáte energiu. Bez energie nemáte nič.“

Someone's sitting in the shade today because someone planted a tree a long time ago.
Prisudzované výroky
Varianta: Dnes niekto sedí v tieni pretože ktosi kedysi dávno zasadil strom.

„Jediné, čo som v živote pochopil, je primitívne jednoduché: Keď všetci okolo predávajú, ja nakupujem. A naopak. Nepochybujem o logike. Vidím predsa, že väčšina je chudobná a menšina bohatá.“

„Úprimnosť je veľmi drahý dar. Neočakávajte ho od sebeckých ľudí.“

„Zlato sa ťaží z podzemia v Afrike alebo inde. Potom ho roztavíme, vykopeme ďalšiu dieru, skryjeme ho tam a zaplatíme ľuďom aby stáli okolo a strážili ho. Zlato nemá žiaden úžitok. Každý, ktorý to sleduje z Marsu by sa škrabal za hlavu.“

„Cena je to, čo zaplatíš. Hodnota je to, čo dostaneš.“

„Ak si kupujete veci, ktoré nepotrebujete, tak čoskoro budete musieť predať veci, ktoré potrebujete.“

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

„Nikdy nebuďte závislí len na jednom zdroji príjmu. Investujte, aby ste si vytvorili druhý zdroj.“

„Nič nepridá vášmu životu toľko, ako koncentrácia všetkej energie na obmedzený počet cieľov“

„Jednoduché nie je prostoduché. Jednoduché je geniálne. “

„V obchodnom svete je spätné zrkadlo vždy jasnejšie ako čelné sklo.“

„400 z nás zaplatí nižšiu daň ako recepční alebo upratovačky, ak by ste chceli vedieť.“

„Viete, čo je najdôležitejšie, keď sa ocitnete v jame? Prestante kopať.“

„Optimizmus je nejväčš nepriateľ každého investora.“

Prisudzované výroky

„Triedny boj existuje, dobre, ale to moja trieda ho vyvoláva. A vyhráva.“

„Ak niečo nestojí za námahu, tak nemá zmysel to robiť dobre.“

„Je to triedna vojna. Moja trieda vyhráva, ale nemala by.“

Potvrdené výroky
Zdroj: Porovnaj: Reader's Digest Výber, apríl 1996, s. 5

“But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.”

Warren Buffet: Citáty v angličtine

“Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.”

2000 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“The most common cause of low prices is pessimism — some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.”

1991 Chairman's Letter http://www.berkshirehathaway.com/letters/1991.html Letters to Shareholders (1957 - 2012)

“You couldn't advance in a finance department in this country unless you taught that the world was flat.”

1990 Chairman's Letter http://www.berkshirehathaway.com/letters/1990.html Letters to Shareholders (1957 - 2012)

“Most companies are saddled with institutional constraints. A company's history, for example, may commit it to an industry that now offers limited opportunity. A more common problem is a shareholder constituency that pressures its manager to dance to Wall Street's tune. Many CEOs resist, but others give in and adopt operating and capital-allocation policies far different from those they would choose if left to themselves.”

As quoted in "The Heresy That Made Them Rich" by Joseph Nocera, in The New York Times (29 October 2005) http://query.nytimes.com/gst/fullpage.html?res=9B00E1D71E3FF93AA15753C1A9639C8B63

“Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising "Take two aspirins?"”

2003 Chairman's Letter http://www.berkshirehathaway.com/letters/2003ltr.pdf Letters to Shareholders (1957 - 2012)

“Instead, we try to apply Aesop's 2,600-year-old equation to opportunities in which we have reasonable confidence as to how many birds are in the bush and when they will emerge (a formulation that my grandsons would probably update to "A girl in a convertible is worth five in the phonebook.").”

1987 Chairman's Letter http://www.berkshirehathaway.com/letters/1987.html Letters to Shareholders (1957 - 2012)

“It's class warfare. My class is winning, but they shouldn't be.”

2000 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“Our performance, relatively, is likely to be better in a bear market than in a bull market … in a year when the general market had a substantial advance, I would be well satisfied to match the advance of the averages.”

Interview with Lou Dobbs http://www.cnn.com/2005/US/05/10/buffett/index.html on CNN (25 May 2005) Buffet has made similar statements in other interviews: There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning. As quoted in "In Class Warfare, Guess Which Class Is Winning" by Ben Stein, in The New York Times (26 November 2006) http://www.nytimes.com/2006/11/26/business/yourmoney/26every.html

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands.”

Second annual letter to Limited Partners (1957) http://www.safalniveshak.com/wp-content/uploads/2013/12/Warren-Buffett-Berkshire-Letters-1957-2012.pdf Letters to Shareholders (1957 - 2012)

“Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, "I can calculate the movement of the stars, but not the madness of men." If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.”

2000 Chairman's Letter http://www.berkshirehathaway.com/letters/2000.html Letters to Shareholders (1957 - 2012)

“We have tried occasionally to buy toads at bargain prices with results that have been chronicled in past reports. Clearly our kisses fell flat. We have done well with a couple of princes — but they were princes when purchased. At least our kisses didn’t turn them into toads. And, finally, we have occasionally been quite successful in purchasing fractional interests in easily-identifiable princes at toad-like prices.”

2005 Chairman's Letter http://www.berkshirehathaway.com/letters/2005.html Letters to Shareholders (1957 - 2012)

“In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

1981 Chairman's Letter http://www.berkshirehathaway.com/letters/1981.html Letters to Shareholders (1957 - 2012)

“We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.”

1988 Chairman's Letter http://www.berkshirehathaway.com/letters/1988.html Letters to Shareholders (1957 - 2012)

“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”

1998 Berkshire Hathaway Annual Meeting, quoted in Wait: The Art and Science of Delay (2012) by Frank Partnoy, p. 177

“We will reject interesting opportunities rather than over-leverage our balance sheet.”

2004 Chairman's Letter http://www.berkshirehathaway.com/letters/2004.html Letters to Shareholders (1957 - 2012)

“Putting people into homes, though a desirable goal, shouldn’t be our country’s primary objective. Keeping them in their homes should be the ambition.”

Berkshire Hathaway Inc.: An Owner's Manual (1999)
Letters to Shareholders (1957 - 2012)

“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

2008 Chairman's Letter
Letters to Shareholders (1957 - 2012)

“Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.”

In a panel discussion after the premier of the 2008 documentary I.O.U.S.A.. Panel at the Premier, 0:05:42ff., DVD extras, I.O.U.S.A. (2008)

“For example: (1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.”

1998 Berkshire Hathaway Annual Meeting, as quoted in The Essays of Warren Buffett : Lessons for Corporate America (1998), p. 92

“Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.”

1989 Chairman's Letter http://www.berkshirehathaway.com/letters/1989.html Letters to Shareholders (1957 - 2012)

“Of course, Charlie and I can identify only a few Inevitables, even after a lifetime of looking for them. Leadership alone provides no certainties: Witness the shocks some years back at General Motors, IBM and Sears, all of which had enjoyed long periods of seeming invincibility. Though some industries or lines of business exhibit characteristics that endow leaders with virtually insurmountable advantages, and that tend to establish Survival of the Fattest as almost a natural law, most do not. Thus, for every Inevitable, there are dozens of Impostors, companies now riding high but vulnerable to competitive attacks.”

Berkshire Hathaway Inc.: An Owner's Manual http://www.berkshirehathaway.com/owners.html (1999) Letters to Shareholders (1957 - 2012)

“The best thing that happens to us is when a great company gets into temporary trouble… We want to buy them when they're on the operating table.”

1996 Chairman's Letter http://www.berkshirehathaway.com/letters/1996.html Letters to Shareholders (1957 - 2012)

“I like to study failure, actually. My partner says, "I want to know where I'll die so I'll never go there." We want to see what has caused businesses to go bad. The biggest thing that kills them is complacency…. The danger would always be that you rest on your laurels.”

http://www.businessweek.com/1999/99_27/b3636006.htm "Homespun Wisdom from the 'Oracle of Omaha'" Businessweek (5 July 1999)
Quotes from the press

“Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished; many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.”

Rules for success

“What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know.”

1988 Chairman's Letter http://www.berkshirehathaway.com/letters/1988.html Letters to Shareholders (1957 - 2012)

“An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities — at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.”

http://www.marketwatch.com/story/the-genius-of-warren-buffett-in-23-quotes-2015-08-19 "The genius of Warren Buffett in 23 quotes" MarketWatch (19 August 2015)
Quotes from the press

“We're going to move a lot of crude (oil) in this country, and we have to learn how to do it very safely.”

1978 Chairman's Letter http://www.berkshirehathaway.com/letters/1978.html Letters to Shareholders (1957 - 2012)

“But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.”

http://www.investing.com/news/economy-news/buffett:-moving-oil-by-rail-safely-is-a-major-industry-concern-279336 "Buffett: Moving Oil By Rail Safely Is A Major Industry Concern" Investing.com (24 April 2014)
Quotes from the press

“If you invested in a very low cost index fund — where you don’t put the money in at one time, but average in over 10 years — you’ll do better than 90% of people who start investing at the same time.”

1997 Chairman's Letter
Letters to Shareholders (1957 - 2012)