The Tao of Warren Buffett

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Mrs. Businesspundit gave me The Tao of Warren Buffett for Christmas. It's short and I read the entire thing yesterday between family gatherings. Each page has a Buffett saying, along with a paragraph or two of explanation. I liked the book so much I wanted to share some of my favorite Buffettisms in this post.

  • You can't make a good deal with a bad person.
  • It's easier to stay out of trouble than it is to get out of trouble.
  • The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
  • My idea of a group decision is to look in the mirror.
  • The reaction of weak management to weak operations is often weak accounting.
  • You can always juice sales by going down-market, but it's hard to go back upmarket.
  • You have to think for yourself. It always amazes me how high-IQ people mindlessly imitate. I never get good ideas talking to other people.
  • In looking for someone to hire, you look for three qualities: integrity, intelligence, and energy. But the most important is integrity because if they don't have that, the other two qualities, intelligence and energy, are going to kill you.
  • Never ask a barber if you need a haircut.
  • A public-opinion poll is no substitute for thought.
  • If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.
  • The fact that people are full of greed, fear, or folly is predictable. The sequence is not predictable.
  • We also believe candor benefits us as managers. The CEO who misleads others in public may eventually mislead himself in private.
  • What we learn from history is that people don't learn from history.
SEE ALSO:
Top 10 Worst Business Decisions Ever

There are lots of other good sayings, 124 in all, so pick up the book if you find them interesting.