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Kindle Notes & Highlights
“Never give up searching for the job that you’re passionate about. Try to find the job you’d have if you were independently rich. Forget about the pay. When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.” — Warren Buffet
“What we learn from history is that people don’t learn from history.”
“There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of 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 that a little like saving up sex for your old age?”
“Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.”
“No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.”
“The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.”
“The best education you can get is investing in yourself. But this doesn’t always mean college or university.”
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
“There seems to be some perverse human characteristic that likes to make easy things difficult.”
“Our favorite holding period is forever.”
In an article written by investor and author, Guy Spier, 5 lessons from my $650,000 lunch with Warren Buffett, he writes: “The lunch made me realize that I had previously undervalued the power of making sure that I am around people who are better than me, and around whom I can improve. These days I am lucky enough to think nothing of buying a transatlantic plane ticket and enduring the resulting jet-lag, if it means being able to spend quality time with someone whom I admire and from whom I can learn.”
Success typically comes to people who project confidence and a positive outlook, so you should ask yourself, what kind of person do you attract?
The point is that when it comes to friendships and mentorships, you give what you get. If you project an overall negative outlook on the world, better chances than not you will receive negative in kind. But if you act and react positively and project kindness and intelligence, this will be visited back on you.
Project a willingness to listen and learn from your peers and you will attract quality people who you can learn and benefit from.
“Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.”
“Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.”
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.“
“You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right – that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else.”
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.“
“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.”
“Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.”
“Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful.”
“Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s the lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.”
“Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
“I don’t measure my life by the money I’ve made. Other people might, but I certainly don’t.“
“If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”
“It is not necessary to do extraordinary things to get extraordinary results.”
“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.”
When you are living a life of passion and obsession, there are no limits. There are no time clocks or time off, no vacations, no bosses breathing down your neck to perform, because with obsession, there is no boss, there is only you.
