Warren Buffett Speaks (Money Mantras….19)

Many of us have role models or mentors or Gurus. It is not necessary that we should be known to them. It is enough if we know them and be willing to learn from them and develop their traits.

I’ve number of such mentors in both spiritual and financial arena.

J.Krishnamurthi, Eckhart Tolle, Nisargadatta, Ramana, Anthony de Mello, Sai Baba, Paramacharya are some among the many names which comes to my mind as my spiritual mentors.

Likewise Warren Buffett, Peter Lynch, Benjamin Graham, John C.Bogle, Phil Fisher, Sir John Templeton are some among many who have shaped my approach towards ‘Personal Finance’.

I’m grateful to all of the above and continue to learn from them and get their guidance in various aspects of Life.

Currently, among the some books I’m reading, I want to share with you what I’m reading in the book ‘Warren Buffett Speaks- Wit and Wisdom from the World’s greatest Investor’ by Janet Lowe. As always with Buffett books, this book too contains his quotes of wit and wisdom in abundance.

1) Buffett’s opinion on dealing with press: As you may be surprised to know seldom there is a negative press about him even in a country like USA. Buffett always opines that it takes 20 years to build a reputation and 5 minutes to ruin it. If we think about it we will do things differently. Now let’s listen to what he says about Press.

“The tough part about it is that essentially there is no one, virtually with the exception of an assassin, that can do you as much damage as somebody can in the press, if they do something the wrong way.There may be Doctors out there who can do you just as much harm, but in that case, you initiate the transaction.”

2) On feeling good:

 “I keep an internal scoreboard. If I do something that others don’t like but I feel good about, I’m happy. If others praise something I’ve done, but I’m not satisfied, I feel unhappy”

 3) When Buffett asked his mentor, Benjahmin Graham for a job with no salary as he was very keen to work under him:

 “Ben made his customary calculation of value to price and said no.”

 4) When a journalist commented that Buffett wears cheap suits, with his characteristic wit he said:

 “I buy expensive suits. They just look cheap on me.”

 5) On aiming well:

“To swim a fast 100 meters, it’s better to swim with the tide than to work on your stroke.”

“Like Wayne Gretzky says, go where the puck is going, not where it is.”

6) On his Life style (which is very simple):

“I can’t think of anything in life I want that I don’t have.”

“It’s easier to create money than spend it.”

“I don’t measure my life by the money I’ve made. Other people might, but I certainly don’t.”

“Money, to some extent, sometimes lets you be in more interesting environments. But it can’t change how many people love you or how healthy you are.”

7) On honesty:

“Never lie under any circumstances. Don’t pay any attention to the lawyers. If you start letting lawyers get into the picture, they’ll basically tell you, ‘don’t say anything’. You’ll never get tangled up if you just lay out as you see it“.

On Friendship:

On how to define friendship

“I remember asking that question of a woman who has survived Auschwitz. She said that her test was, ‘would they hide me’?”

“I’ve a half dozen close friends. Half male, half female, as it works out. I like them, admire them. There are no shells around them”.

9) Buffet opines that inherited wealth is nothing but food stamps for rich.

“All these people who think that food stamps are debilitating and lead to a cycle of poverty, they’re the same ones who go out and want to leave a ton of money to their kids.”

10) As mentioned above Buffett does not believe in inherited wealth. Infact he has given almost his entire wealth to Bill & Melinda foundation for charity. He is not only the largest investor but also the largest giver (donor) in the world. When Buffett’s son Howard ran for country commissioner in Omaha, people assumed that because of his surname, his campaign would be well financed.On the contrary Warren Buffett said:

“I asked him to spell his name in lowercase letters so that everyone would realize that he was the Buffett without the capital”

(With inputs from: Warren Buffet Speaks-Wit and Wisdom from the World’s Greatest Investor by Janet Lowe)

Some more on The Tao of Warren Buffett (Money Mantras….18)

November 22′nd was my 5th wedding anniversary and wanted to share with you the last article in the series of ‘The Tao of Warren Buffett’ on that day. As I could not find time on that day (you may know why!), I woke up at 4 am today for writing this blog.

I received lot of feedback that the wisdom nuggets from the great master were highly enjoyable. Here is the last set in the above series of articles. Please do read and share your feedback.

It so happened that the month of November happened to be a month of ‘Money Mantras’.

Enjoy the current ride in stock market with caution and make some good money.

Now the Master Speaks…

1) There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of the bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t it that a little like saving up sex for your old age?

2) Wouldn’t be great if we could buy love for $1 Million. But the only way to be loved is be lovable. You always get back more than you give away. If you don’t give any, you won’t get any. There’s nobody I know who commands the love of others who doesn’t feel like a success. And I can’t imagine people who aren’t loved feel very successful.

3) When ideas fail, words come in very handy.

4) I’m a better investor because I am a businessman and a better businessman because I am an investor.

5) When a chief executive officer is encouraged by his advisers to make deals, he responds much as would a teenage boy who is encouraged by his father to have a normal sex life. It’s not a push he needs.

6) The reaction of weak management to weak operations is often weak accounting.

7) With each investment you make, you should have the courage and conviction to place atleast 10% of your networth in that stock.

My idea of a group decision is to look in the mirror.

9) It is impossible to unsign a contract, so do all your thinking before you sign.

10) The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by someone who identified one wonderful business.

(Courtesy: The Tao of Warren Buffett by Mary Buffett & David Clark)

More on the Tao of Warren Buffett (Money Mantras….17)

Thank you so much for your birthday wishes and positive appreciation for 20 new quotes from the great master, Warren Buffett.

I wish to share some more interesting gems from the master in this article. Source- The Tao of Warren Buffett by Mary Buffett & David Clark.

1) Accounting is the language of business.

2) Anything that can’t go on forever will end.

3) It is not necessary to do extraordinary things to get extraordinary results.

4) The chain of habit are too light to be felt until they are too heavy to be broken.

5) Marrying for money is probably a bad idea under any circumstances, but it is absolutely nuts if you are already rich.

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

7) You should invest like a catholic marries- for life.

Never be afraid to ask for too much when selling or too little when buying.

9) It is easier to stay out of trouble than it is to get out of trouble.

10) Managing your career is like investing- the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train.