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It’s human nature to extrapolate the recent past into the future, but it’s terrible that managements go along with this.

英語Twitter

【英語】finiteとinfiniteについて【英単語】

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It’s a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.

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Understanding how to be a good investor makes you a better business manager and vice versa.

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We look for a horse with one chance in two of winning and which pays you three to one.

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I think you’ll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation.

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While no real money came down, my family gave me a good education and a marvelous example of how people should behave, and in the end that was more valuable than money. Being surrounded by the right values from the beginning is an immense treasure. Warren had that. It even has a financial advantage.

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The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage.

経営の名言

The first chance you have to avoid a loss from a foolish loan is by refusing to make it. There is no second chance.

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I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.

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