Quotable quotes : The Warren Buffett edition.

By: Sajal Tuesday, May 13, 2008 11:54 AM

Sectors: Consumer Staples

Symbols: CCH, K

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I got held up in posting the quotable quotes for the week. Well, we had the investing Woodstock in Omaha Nebraska. When Warren speaks, you don't need to hear what anyone else is saying! Make a note, remember it, and file it away for posterity.

These are actually quotes by both Buffett and Munger. While this event was heavily covered, I still wanted to put together what I think are truly 'words of wisdom'.

"I read Intelligent Investor, chapters 8 and 20 I recommend"
"I would look for person with passion for job, doing more than their share, good communicators. "
"We virtually have never used options to enter or exit a position. We have sold long term equity put options described in press report. We don’t get involved in fancy techniques. "
"The two most important things one can learn are: 1. How to value a business and 2. How to overcome influence from market fluctuation."
"Go to work for organization you admire or an individual you admire. Which also means most MBAs I meet would be self employed. "
"I went to work for Ben Graham. I never asked my salary. "
"You’ll do better if you have passion for something in which you have aptitude. If Warren had gone into ballet, no one would have heard of him. "
"I avoided all classes that had public speaking, I got physically ill if I had to speak. I signed up for Dale Carnegie course. Gave them check for $100, then I went home and stopped payment on check. I was in Omaha, took $100 cash to Wally Kean, I took that Carnegie course, and then I went to University of Omaha to start teaching – knowing I had to get in front of people. Ability to communicate in writing and speaking – it is under taught – and enormously important. If you can communicate well, you have an enormous advantage. Force yourself into situations where you have to develop those abilities. At Dale Carnegie – they made us stand on tables. I may have gone too far. You are doing something very worthwhile if you are helping introverted people get outside of themselves. "
"It’s nature of things that most small businesses will never be big businesses. It is the nature of things that most big businesses fall into mediocrity or worse. Most players have to die. "
"I’d read a daily newspaper. You want to learn about world around you. Bill Gates quit at letter P in World Book Encyclopedia. Just sop it up, and find what is most interesting to you. More you learn, the more you want to learn. It is fun. "
"We want a company with durable advantage, which we understand, can trust management, at a good price. "
"If I were working with small sums of money, it would open up thousands of possibilities.We found very mispriced bonds. We found them in Korea a few years ago. You made big returns but had to be small size. I wouldn’t be in currencies with small amount of money. I had a friend who used to buy tax liens.

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