“I do get asked, quite frequently ‘What’s gonna change in the next 10 years?’ I’m rarely get asked, and it’s probably more important — and I encourage you to think about this — is the question what’s not going to change? The answer to that question can allow you to organize your activities. You can work on those things with the confidence to know that all the energy you put into them today is still going to pay dividends in the years to come.”

Posted by Thaidrama , ? views, Released on November 26, 2020, More episodes “I do get asked, quite frequently ‘What’s gonna change in the next 10 years?’ I’m rarely get asked, and it’s probably more important — and I encourage you to think about this — is the question what’s not going to change? The answer to that question can allow you to organize your activities. You can work on those things with the confidence to know that all the energy you put into them today is still going to pay dividends in the years to come.”

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“I do get asked, quite frequently ‘What’s gonna change in the next 10 years?’ I’m rarely get asked, and it’s probably more important — and I encourage you to think about this — is the question what’s not going to change? The answer to that question can allow you to organize your activities. You can work on those things with the confidence to know that all the energy you put into them today is still going to pay dividends in the years to come.”

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Posted by: Thaidrama Released on: 4 years ago

“Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment.”

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Not when we insist on their suffering.

Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.

On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.

Defense is superior to opulence.

To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.

What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?

I have never known much good done by those who affected to trade for the public good.

Science is the great antidote to the poison of enthusiasm and superstition.

As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.

Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.

Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.

Labour was the first price, the original purchase – money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.

All money is a matter of belief.

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.

No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.

The real tragedy of the poor is the poverty of their aspirations.

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

“If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.”

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

“When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.”

“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”

Success in investing doesn’t correlate with IQ … what you need is the temperament to control the urges that get other people into trouble in investing.

“The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch.”

“The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”

“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

“The most important thing to do if you find yourself in a hole is to stop digging.”

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

“It is a terrible mistake for investors with long-term horizons — among them pension funds, college endowments, and savings-minded individuals — to measure their investment ‘risk’ by their portfolio’s ratio of bonds to stocks,”

“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.”

“Do not take yearly results too seriously. Instead, focus on four or five-year averages.”

“All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.”

“Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.”

“Since I know of no way to reliably predict market movements, I recommend that you purchase Berkshire shares only if you expect to hold them for at least five years. Those who seek short-term profits should look elsewhere.”

“An investor should act as though he had a lifetime decision card with just twenty punches on it.”

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”

“Someone’s sitting in the shade today because someone planted a tree a long time ago”

“You can’t produce a baby in one month by getting nine women pregnant.”

“On the margin of safety, which means, don’t try and drive a 9,800-pound truck over a bridge that says it’s, you know, capacity: 10,000 pounds. But go down the road a little bit and find one that says, capacity: 15,000 pounds.”

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

“For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.”

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

“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.”

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

“Widespread fear is your friend as an investor because it serves up bargain purchases.”

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”

“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”

“Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment.”

“When [competitors are] in the shower in the morning, they’re thinking about how they’re going to get ahead of one of their top competitors. Here in the shower, we’re thinking about how we are going to invent something on behalf of a customer.”

“We innovate by starting with the customer and working backwards. That becomes the touchstone for how we invent.”

“Friends congratulate me after a quarterly-earnings announcement and say, ‘Good job, great quarter.'” “And I’ll say, ‘Thank you, but that quarter was baked three years ago.'”

“There are two ways to extend a business. Take inventory of what you are good at and extend out from your skills. Or determine what your customers need and work backwards, even if it requires learning new skills.”

“We are comfortable planting seeds and waiting for them to grow into trees.”

“Sometimes we measure things and see that in the short term they actually hurt sales, and we do it anyway.”

“All of my best decisions in business and in life have been made with heart, intuition, guts… not analysis.”

“A company shouldn’t get addicted to being shiny, because shiny doesn’t last.”

“If you’re long-term oriented, customer interests and shareholder interests are aligned.”

“If you only do things where you know the answer in advance, your company goes away.”

“We are stubborn on vision. We are flexible on details.”

There are two kinds of companies, those that work to try to charge more and those that work to charge less. We will be the second.”

“All businesses need to be young forever. If your customer base ages with you, you’re Woolworth’s.”

“I strongly believe that missionaries make better products. They care more. For a missionary, it’s not just about the business. There has to be a business, and the business has to make sense, but that’s not why you do it. You do it because you have something meaningful that motivates you.”

“Your margin is my opportunity.”

“You can have the best technology, you can have the best business model, but if the storytelling isn’t amazing, it won’t matter. Nobody will watch.”

“If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.”

“We’ve had three big ideas at Amazon that we’ve stuck with for 18 years, and they’re the reason we’re successful: Put the customer first. Invent. And be patient.”

“What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.”