What matters most is their passion- their focus on serving a large, unmet market need with an outstanding team and disruptive innovation. Their commitment to technical excellence, and obsessing on customers (not competition). Their pursuit of reasonable financings, but unreasonable, audacious goals. Their sense of urgency. Their ambition, vision, confidence and humility in putting their team...
There is always risk. It is financial intelligence that improves the odds. Robert T. Kiyosaki – American businessman and author (b. 1947), from "Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money" (2015)
Our experience has been that the manager of an already high-cost operation frequently is uncommonly resourceful in finding new ways to add to overhead while the manager of a tightly-run operation usually continues to find additional methods to curtail costs, even when his costs are already well below those of his competitors. Warren Buffett - American value investor, Chairman of Berkshire...
Our managers have produced extraordinary results by doing rather ordinary things—but doing them exceptionally well. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (*1930), in his letter to Berkshire Hathaway Shareholders (1987)
A compact organization lets all of us spend our time managing the business rather than managing each other. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (*1930), in his letter to Berkshire Hathaway Shareholders (1982)
Just run your business as if: (1) You own 100% of it; (2) It is the only asset in the world that you and your family have or will ever have; and (3) You can't sell it for at least a century. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (*1930), in his letter to Berkshire Hathaway Shareholders (1998)
The truly big investment idea can usually be explained in a short paragraph. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (*1930), in his letter to Berkshire Hathaway Shareholders (1994)
If [investing] weren't a little difficult, everybody would be rich. Charlie Munger - Vice Chairman of Berkshire Hathaway (1924-2023), from "Charlie Munger: The Complete Investor" (2015)
The way to judge yourself is inertia analysis. Run your January 1 portfolio for the full year without any changes and compare it to your actual results. It's awful because some years you realize all you did was subtract value when you went into the office. Nicolai Tangen – Norwegian hedge fund manager, founder of AKO Capital (b. 1966)
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. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (b. 1930), from "Homespun Wisdom from the 'Oracle of Omaha'", ("Businessweek", July 5th, 1999)
Mimicking the herd invites regression to the mean. Charlie Munger – Vice Chairman of Berkshire Hathaway (1924-2023)
A lot of people with high IQs are terrible investors because they've got terrible temperaments. Charlie Munger – Vice Chairman of Berkshire Hathaway (1924-2023), quoted in "Value Investing: A Value Investor’s Journey Through the Unknown" (2015)
When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (b. 1930), in his letter to Berkshire Hathaway Shareholders (1988)
If a business earns 18% per year on capital over 20 or 30 years, even if you pay an expensive looking price, you’ll end up with a fine result. Charlie Munger – Vice Chairman of Berkshire Hathaway (1924-2023), from his speech "A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business" at the USC Business School (1994)
Every time you hear the word "EBITDA" (Earnings before Interest, Tax, Depreciation and Amortization), just substitute it with "bullshit earnings". People who use "EBITDA" are trying to con you or they are conning themselves. Charlie Munger – Vice Chairman of Berkshire Hathaway (1924-2023)
Many hard problems are best solved when they are addressed backward. Turn a situation or problem upside down. Look at it backward. ... Inversion often forces you to uncover hidden beliefs about the problem you are trying to solve. Charlie Munger - Vice Chairman of Berkshire Hathaway (1924-2023), on a maxim of Carl Gustav Jacob Jacobi (born Jacques Simon, German mathematician, founder of the...
You should invest like a Catholic marries – for life. Warren Buffett - American value investor, Chairman of Berkshire Hathaway (b. 1930), from "BBuffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds Most Famous Investor" (1997)
The highest form that civilization can reach is a seamless web of deserved trust. Not much procedure, just totally reliable people correctly trusting one another. Charlie Munger - Vice Chairman of Berkshire Hathaway (1924-2023), Quotations book 2024
Have your money where the owners are. Mario Gabelli – American stock investor, investment advisor, and financial analyst, founder, chairman, and CEO of Gabelli Asset Management Company Investors, GAMCO (b. 1942)
The main message of the Kaizen strategy is that not a day should go by without some kind of improvement being made somewhere in the company. Masaaaki Imai - founder of Kaizen Institute, known as the "father of Continuous Improvement" and for his work on quality management, specifically on "Kaizen" (1930-2023), Quotations book 2024