Too lazy to think

There is no expedient to which man will not resort to avoid the real labour of thinking.

Sir Joshua Reynolds – English painter (1723-1792)

Upbringing

Before I got married I had six theories about bringing up children; now I have six children and no theories.

John Wilmot, 2nd Earl of Rochester – English writer (1647-1680)

Outstanding managers

Outstanding managers are like good friends: when you find one the friendship is durable and capable of lasting years. But friendships aren’t given; they require work and patience. And they reward us when most needed by keeping us from doing dumb things.

Consider the mental stress of changing friends regularly! How much financial stress comes form a continual changing of financial relations?

Arthur D. Clarke – American investment advisor (b. 1942), Quotations book 2005

Endurance

What should you be doing in running your business? Just what you always do: Widen the moat, build enduring competitive advantage, delight your customers, and relentlessly fight costs.

Warren Buffett about hard times in Business – American value kinvestor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2003

Mediocrity

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

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2003

Boardroom atmosphere

Too often boardroom atmosphere means that collegiality trumps independence.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2005

Qualities of managers

Three qualities of managers – integrity, intelligence and energy. If you don’t have the first one the last two will kill you.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2003

Comprehensible accounting

If I can’t understand the accounting, they don’t want me to.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Earnings

Earnings can be pliable as putty when a charlatan heads the company reporting them.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2005

Circle of competence

Answer to the question why Warren Buffett is better than investors with a higher IQ: We know better what we know and what we do not know.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Faith in God

Being confident of this, that he who began a good work in you will carry it on to completion until the day of Christ Jesus.

The Bible, Philippians 1:6 (NIV)

Desiderata

Go placidly amid the noise and haste, and remember what peace there may be in silence. As far as possible, without surrender, be on good terms with all persons. Speak your truth quietly and clearly; and listen to others, even to the dull and ignorant; they too have their story. Avoid loud and aggressive persons; they are vexations to the spirit. If you compare yourself with others, you may become vain or bitter, for always there will be greater and lesser persons than yourself.

Enjoy your achievements as well as your plans. Keep interested in your own career, however humble, it’s a real possession in the changing fortunes of time.

Exercise caution in your business affairs, for the world is full of trickery. But let this not blind you to what virtue there is; many persons strive for high ideals, and everywhere life is full of heroism. Be yourself. Especially do not feign affection. Neither be cynical about love; for in the face of all aridity and disenchantement, it is as perrenial as the grass.

Take kindly the counsel of the years, gracefully surrendering the things of youth. Nurture strength of spirit to shield you in sudden misfortune. But do not distress yourself with dark imaginings. Many fears are born of fatigue and loneliness. Beyond a wholesome discipline, be gentle with yourself. You are a child of the universe no less than the trees and the stars; you have a right to be here. And wh

ether or not it is clear to you, no doubt the universe is unfolding as it should.Therefore be at peace with God, whatever you conceive him to be. And whatever your labors and aspirations, in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.

Max Ehrmann – American lawyer and author (1872-1945), written in 1927

Synergy

Synergy: A term widely used in business to explain an acquisition that otherwise makes no sense.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), in his letter to Berkshire Shareholders (1985)

Business cycles

Every business cycle has three phases. In the first, innovators get rich. In the second, imitators get rich. In the third, idiots get rich – and then lose it.

attributed to Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Good business

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

History

If history books were the key to riches, the Forbes 400 would consist of librarians.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2002

Wonderful company

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

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2006

Wealth

Wealth consists not in having great possessions, but in having few wants.

Epicurus- Greek philosopher (341-270 BC), Quotations book 2007

Christmas

Jesus comes into our night so that we can come into his light.

Peter Hahne – German television host and 1992-2009 member of the German Evangelical Church Council (b. 1952), Quotations book 2012

Community

In a knowledge economy, a good business is a community with a purpose, not a piece of property.

Charles Handy – Irish author and management expert (b. 1932), Quotations book 2007

Leadership

Management is doing things right; leadership is doing the right things.

Peter F. Drucker – Austrian-born American management expert (1909-2005), Quotations book 2007

Opportunities

You do things when the opportunities get along. I’ve had periods in my life when I’ve had a bundle of Ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Wall Street

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2007

Tough times

Tough times never last … but tough people do!

Dr. Robert H. Schuller – American evangelist and reformed priest (1926-2015), Quotations book 2007

Professional Investment

The game of professional investment is intolerably boring and over-exacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll.

attributed to John Maynard Keynes – British economist and ivestor (1883-1946)

Scilled investment

The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.

John Maynard Keynes – British economist and investor (1883-1946)

Markets

Markets can remain irrational longer than you can remain solvent.

John Maynard Keynes – British economist and investor (1883-1946), Quotations book 2006

Depression

This is a nightmare, which will pass away with the morning. For the resources of nature and men’s devices are just as fertile and productive as they were.

The rate of our progress towards solving the material problems of life is not less rapid. We are as capable as before of affording for everyone a high standard of life—high, I mean, compared with, say, twenty years ago—and will soon learn to afford a standard higher still.

We were not previously deceived. But today we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time—perhaps for a long time.

John Maynard Keynes – British economist and investor (1883-1946), from “The Great Slump of 1930”

Diversification

To carry one’s eggs in a great number of baskets without having time or opportunity to discover how many have holes in the bottom is the surest way of increasing risk and losses.

John Maynard Keynes – British economist and investor (1883-1946), Quotations book 2006

Anticipation

Successful investing is anticipating the anticipations of others.

following the thoughts of John Maynard Keynes – British economist and investor (1883-1946)

Reputation

Worldly wisdom teaches us that it is better for reputation to fail conventionally than to succeed unconventionally.

John Maynard Keynes – British economist and Investor (1883-1946), Quotations book 2007

Fun

We enjoy the process far more than the proceeds.

Warren Buffett – American value investor, chairman of Berkshire Heathaway (b. 1930)

Thought

A public-opinion poll is no substitute for thought.

Warren Buffett – American value investor, chairman of Berkshire Heathaway (b. 1930), Quotations book 2007

Bequeath

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

Warren Buffett – American value investor, chairman of Berkshire Hathaway (b. 1930), Quotations book 2007

Honesty

If you tell the truth, you don’t have to remember your lies.

Warren Buffett – American value investor, chairman of Berkshire Heathaway (b. 1930), Quotations book 2007

Countercyclical

I will tell you how to become rich. Be fearful when others are greedy. Be greedy when others are fearful.

Warren Buffett -American value investor, chairman of Berkshire Hathaway (b. 1930), Quotations book 2007

Americas true greatness

It was not until I went into the churches of America, and I heard her pulpits aflame with righteousness did I understand the secret of her genious and power.

Attributed to Alexis de Tocqueville – Franch publicist and politician (1805-1859), Quotations book 2007