Director’s Definition
A director who gets $150,000 per year from a company and needs the money is not independent.
Related Topics: company, director, independent, money, needs 
Mimicking the Herd
Mimicking the herd invites regression to the mean.
Related Topics: herd, invites, mean, mimicking, regression, regression to the mean 
Easily Learned Principles
It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently
Related Topics: amaze, ceases, consistently, easily learned, grasped, masters, obvious, principles, territory, uses 
Reading and Thinking
We both, Warren Buffett and I, insist on a lot of time being available almost every day to just sit
Related Topics: available, every day, insist, read, sit, think, time, Warren Buffet 
Extreme Objectivity
The life of Darwin demonstrates how a turtle may outrun a hare, aided by extreme objectivity.
Related Topics: Darwin, demonstrates, extreme, hare, life, objective, objectivity, only, outrun, person, player, turtle 
IQ Humility
If you think your IQ is 160 but it’s 150, you’re a disaster. It’s much better to have a 130
Related Topics: better, disaster, IQ, think 
Good Ideas Are Hard to Find
Our cash is speaking for itself. If we had a lot of wonderful ideas, we wouldn’t have so much cash.
Related Topics: cash, ideas, speaking, wonderful 
Good vs. Bad Investment Ideas
Benjamin Graham used to say, “It’s not the bad investment ideas that fail; it’s the good ideas that get pushed
Related Topics: bad, Benjamin Graham, excess, fail, good, ideas, investment, pushed 
Self-serving Bias
Another thing that does one in, of course, is the self-serving bias to which we’re all subject.
Related Topics: bias, self-serving, self-serving bias, subject, thing 
Margin of Safety
In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about
Related Topics: accounting, balloon, big, don't give a damn, engineering, false, financial, give a damn, margin, people, safety, world 
Learn Vicariously
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Related Topics: better, experience, hard, learn, lessons, through, vicariously 
Costco vs. Rockefeller Foundation
I believe Costco does more for civilization than the Rockefeller Foundation. I think it’s a better place.
Related Topics: believe, better, bunch, civilization, Costco, good, immediately, intelligent, more, people, place, Rockefeller Foundation, seat, sitting, squirm, suspicious, think, trying 
Dealing with Temporary Unpopularity
If your new behavior gives you a little temporary unpopularity with your peer group, then to hell with them.
Related Topics: behavior, hell, little, peer group, temporary, unpopularity 
Competition in Investing
The investment game is getting more and more competitive.
Related Topics: competitive, game, investment, investment game, more 
What’s Your Problem?
Let me know what your problem is, and I will try to make it more difficult for you.
Related Topics: difficult, know, problem, try 
Being a Good Investor
Understanding how to be a good investor makes you a better business manager and vice versa.
Related Topics: better, business, good, how, investor, manager, understanding, vice versa 
Make the Market Your Servant
The idea of a margin of safety, a Graham precept, will never be obsolete. The idea of making the market
Related Topics: Benjamin Graham, idea, margin, margin of safety, market, never, obsolete, precept, safety, servant 
Having a Passionate Interest
You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods,
Related Topics: ability, focus, gradually, happening, improves, interest, long periods, need, passionate, reality, things, why 
No Big Advantages
We don’t have big advantages — no special competence — so we spend almost no time on it.
Related Topics: advantages, big, competence, special, time 
Envy Drives the World
I’ve heard Warren say a half a dozen times, “It’s not greed that drives the world, but envy.”
Related Topics: blank, book, courses, dozen, drives, envy, greed, half, psychology, survey, times, Warren Buffett, world 
Charlie and Warren
I’ve been associated with Warren so long, I thought I’d be just a footnote.
Related Topics: associated, footnote, Warren Buffett 
Formal vs. Self-education
Formal education will make you a living. Self-education will make you a fortune.
Related Topics: education, formal, fortune, living, rich, self-education, wealthy 
Find Joy in Everything
Find joy in everything you choose to do. It’s your responsibility to love it, or change it.
Related Topics: change, choose, everything, find, joy, love, responsibility, your responsibility 
Discounted Cash Flows
Warren talks about these discounted cash flows. I’ve never seen him do one.
Related Topics: cash, discounted, discounted cash flows, talks, Warren Buffett 
Surviving Bad Management
Good businesses can survive a little bad management.
Related Topics: bad, businesses, good, little, management, survive 
Numerical Fluency
Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an
Related Topics: ass-kicking contest, fluency, inhabit, life, like, numerical, one-legged man 
Good vs. Bad Ideas
It’s not the bad ideas that do you in, but the good ones.
Related Topics: bad ideas, good, ideas 
Cranky Businesses
A lot of the businesses we buy at Berkshire Hathaway are kind of cranky and old-fashioned like us.
Related Topics: Berkshire Hathaway, businesses, buy, cranky, old-fashioned 
How to Succeed in Investing
You need patience, discipline, and an ability to take losses and adversity without going crazy.
Related Topics: ability, adversity, crazy, discipline, going crazy, losses, need, patience, take losses 
Turnover at Berkshire Hathaway
Berkshire has the lowest turnover of any major company in the U.S.
Related Topics: Berkshire Hathaway, company, lowest, major, turnover, U.S. 
Very-high-IQ People
Very-high-IQ people can be completely useless. And many of them are.
Related Topics: completely, high-IQ, IQ, people, useless 
Sex Without Love
Sex without love is a meaningless experience, but as far as meaningless experiences go it’s pretty damn good.
Related Topics: damn, damn good, experience, good, love, meaningless, sex 
Deliver Maximum Value
Don’t ask more of others than you can deliver yourself.
Related Topics: ask, deliver, others 
The Downside of Litigation
Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
Related Topics: costly, inefficient, litigation, notoriously, time-consuming, unpredictable 
Begin Doing
The way to get started is to quit talking and begin doing.
Related Topics: begin doing, get started, quit, quit talking, talking 
What Counts?
Not everything that counts can be counted, and not everything that can be counted counts.
Related Topics: counted, counts, everything 
A Lot of People Angry
In the beginning the universe was created. This has made a lot of people very angry and is widely regarded
Related Topics: angry, beginning, created, universe 
