Even at 87 years old, Warren Buffett is a very popular guy – so much so that one fan is willing to pay $3.3 million for a chance to dine with the acclaimed Berkshire Hathaway chairman. But this year’s bill only ranked the third highest in the 18 years Buffett has offered the lunch. Winners have paid $3,456,789 in 2012 and 2016, which remain the most expensive charity items ever sold on eBay.
But even if you don’t have millions at your disposal, you can still benefit from Buffett’s wisdom – for free. Here’s some of the best advice on investment he’s passed on over the years.
Read also: 5 Mind-Blowing Facts About Warren Buffett & His $84.7 Billion Fortune
1. On Taking Risk
“I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
2. On Market Outlook
“In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.”
3. On Opportunities
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
4. On Diversification
“Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.”
5. On Doing Business
“I’m a better investor because I am a businessman, and a better businessman because I am an investor.”
6. On Purchasing Shares
“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
7. On an Investor’s Quality
“The most important quality for an investor is temperament, not intellect.”
8. On the Talent of an Investor
“Successful investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time.”
9. On the Nature of Investment
“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
10. On Looking Ahead
“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.”
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