Loomis: There are two rules of investing according to Warren, and he learned this from Ben Graham.
Rule number one, never lose money.
Rule number two, never forget rule number one.
Ben Graham basically coined the term "value investing." He believed in careful scrutiny of a company's financial statements, and that if you bought value, it would eventually prove out.
Warren: There's a temptation for people to act far too frequently in stocks, simply because they're so liquid. Over the years you develop a lot of filters, and I do know what I call my circle of competence, so I stay within that circle, and I don't worry about things that are outside that circle. Defining what your game is, where you're going to have an edge is enormously important.
Warren: If you're emotional about investment, you're not going to do well. You may have all these feelings about the stock. The stock has no feelings about you.
Munger: He made so much money for so long doing what he'd been taught by Ben Graham, which he'd buy these very cheap stocks. If they were cheap enough, he didn't care it was a lousy company and a lousy management. He knew he was going to make money anyway, just because of the cheapness.
Warren: Charlie Munger has had a big impact on me in moving me toward looking for wonderful companies at fair prices rather than fair companies at wonderful prices. That was enormously important, because it enabled Berkshire to scale up in a way that would have been impossible to do otherwise.
Warren: Price is-- to a degree, is immaterial.
If you've got an economic castle, people are gonna come and wanna take that castle away from you. You better have a strong moat. You better have a knight in the castle that knows what he's doing.
You're not buying an asset, you're buying a name, you're buying a brand, you're buying a real franchise here...
Warren: The worst mistakes involve not understanding other people as well as you might.
Warren: The biggest thing in making money is time. You don't have to be particularly smart, you just have to be patient.
Warren: It's a very strange thing, love. You can't get rid of it. If you try to give it out, you get more back. If you try to hang onto it, you lose it.
Warren: The world is a great movie to watch, but you don't want to sleepwalk through life. The important thing to do is to look for the job you would take if you didn't need a job and life is wonderful then. I mean, you'll jump out of bed in the morning because you're really looking forward to the day.
I have-- for over 60 years, I've been able to tap dance to work just 'cause I'm doing what I love doing and-- and I just feel very, very lucky.
--
On the IMDb
Rule number one, never lose money.
Rule number two, never forget rule number one.
Ben Graham basically coined the term "value investing." He believed in careful scrutiny of a company's financial statements, and that if you bought value, it would eventually prove out.
Warren: There's a temptation for people to act far too frequently in stocks, simply because they're so liquid. Over the years you develop a lot of filters, and I do know what I call my circle of competence, so I stay within that circle, and I don't worry about things that are outside that circle. Defining what your game is, where you're going to have an edge is enormously important.
Warren: If you're emotional about investment, you're not going to do well. You may have all these feelings about the stock. The stock has no feelings about you.
Munger: He made so much money for so long doing what he'd been taught by Ben Graham, which he'd buy these very cheap stocks. If they were cheap enough, he didn't care it was a lousy company and a lousy management. He knew he was going to make money anyway, just because of the cheapness.
Warren: Charlie Munger has had a big impact on me in moving me toward looking for wonderful companies at fair prices rather than fair companies at wonderful prices. That was enormously important, because it enabled Berkshire to scale up in a way that would have been impossible to do otherwise.
Warren: Price is-- to a degree, is immaterial.
If you've got an economic castle, people are gonna come and wanna take that castle away from you. You better have a strong moat. You better have a knight in the castle that knows what he's doing.
You're not buying an asset, you're buying a name, you're buying a brand, you're buying a real franchise here...
Warren: The worst mistakes involve not understanding other people as well as you might.
Warren: The biggest thing in making money is time. You don't have to be particularly smart, you just have to be patient.
Warren: It's a very strange thing, love. You can't get rid of it. If you try to give it out, you get more back. If you try to hang onto it, you lose it.
Warren: The world is a great movie to watch, but you don't want to sleepwalk through life. The important thing to do is to look for the job you would take if you didn't need a job and life is wonderful then. I mean, you'll jump out of bed in the morning because you're really looking forward to the day.
I have-- for over 60 years, I've been able to tap dance to work just 'cause I'm doing what I love doing and-- and I just feel very, very lucky.
--
On the IMDb
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