The Tao of Buffett.

• The smarter the journalists are, the better off society is.
• My idea of a group decision is to look in the mirror. (Has a history of standing alone that dates back to the early days of his investments.)
• Rule No.1: Never lose money. Rule No. 2: Never forget rule number 1. (Apparently he drove an old VW beetle long after being a multimillionaire. Didn't know that)
• You can' make a good deal with a bad person. (If you even have to ask yourself if you trust somebody, you should immediately leave the negotiating table and look for more honest company to do business with)
• If is easier to stay out of trouble than get out of trouble.
• It is not necessary to do extraordinary things to get extraordinary results.
• My idea of a group decision is to look in the mirror.(Not one to seek affirmation from others, because so many of his ideas are opposite from what the herd is thinking.To make big money you have to be comfortable standing alone)
• With each investment you make, you should have the courage and conviction to place at least 10% of your net worth in that stock.
• Accounting is the language of business. (When Warren was asked by the daughter of one of his business associates what courses to take in college, he replied "Accounting - it is the language of business")
• Read Graham and Fisher, read annual reports but don't do equations with Greek letters in the them.
• 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' like because you think it will look good on your resume.
• The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective.
• There is nothing like writing to force you to think and get your thoughts straight.(If you can't write about it, you haven't really thought about it).
• The less prudence with which others conduct their affairs, the greater prudence with which we should conduct our own affairs.
• A person's main asset is themselves, so preserve and enhance yourself.
• In the search for companies to acquire, we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.
• We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
• If you don't make mistakes, you can't make decisions.
• If you understand an idea, you can express it so others can understand it.
• If they need my help to manage the enterprise, we are probably both in trouble.
• At the beginning, prices are driven by fundamentals, and at some point, speculation drives them. What the wise man does in the beginning, the fool does in the end.
• The smartest side to take in a bidding war is the losing side.
• Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be mis-appraised.
• Uncertainty is the friend of the buyer of long-term values.
• We do not have and never will have an opinion on where the market, interest rates or business activity will be in a year from now.
• That which is not worth doing is not worth doing well.
• I buy stocks when the lemmings are headed the other way.
• You only have to do a very few things right in your life so long as you don't do too many things wrong.(Warren decided early in his investing career that it would be impossible for him to make hundreds of right investment decisions, so he decided only to invest in businesses he was absolutely sure of and then bet heavily on them).