Successful Investors

“If you cannot decide, the answer is no.”

— Naval Ravikant

“We really like the decision to be obvious enough to us that it doesn’t require making a detailed calculation.”

— Warren Buffett

“Tell me who your heroes are and I’ll tell you how you’ll turn out to be.”

— Warren Buffett

“The best way to minimize risk is to think.”

— Warren Buffett

“Extreme patience combined with extreme decisiveness. You may call that our investment process. Yes, it’s that simple.”

— Charlie Munger

“Your life must focus on the maximization of objectivity.”

— Charlie Munger

“Before looking at new investments, we consider adding to old ones. If a business is attractive enough to buy once, it may well pay to repeat the process.”

— Warren Buffett

“It is better to be approximately right, than precisely wrong.”

— Warren Buffett

“The world is not driven by greed. It’s driven by envy. I have conquered envy in my own life. I don’t envy anybody. I don’t give a damn what someone else has. But other people are driven crazy by it.”

— Charlie Munger

“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

— Warren Buffett

“Our primary frontier of risk management isn’t wide diversification, but the quality of the individual businesses, their balance sheets, and the people who run them.”

— Chuck Akre

“There’s a big difference between probability and outcome: probable things fail to happen—and improbable things happen—all the time. That’s one of the most important things you can know about investment risk.”

— Howard Marks

“Hard work, honesty, if you keep at it, will get you almost anything.”

— Charlie Munger

“I try to get rid of people who confidently answer questions about which they don’t have any real knowledge.”

— Charlie Munger

“Someone will always be getting richer faster than you. This is not a tragedy.”

— Charlie Munger

“You can’t avoid wrong decisions. But if you recognize them promptly and do something about them, you can frequently turn the lemon into lemonade.”

— Charlie Munger

“Charlie and I believe that when you find information that contradicts your existing beliefs, you’ve got a special obligation to look at it—and quickly.”

— Warren Buffett

“The most powerful way to grow your money is learning to live with less, since you have complete control over it.”

— Morgan Housel

“The low point for share prices is when most people are expecting bad news, not after the bad news comes out.”

— John Templeton

“Be a business analyst, not a market, macroeconomics, or security analyst.”

— Charlie Munger

“You’re likely to make the most money with the ideas that are the simplest.”

– Mohnish Pabrai

“Think forwards and backwards—invert, always invert. Many hard problems are best solved when they are addressed backward.”

– Charlie Munger

“If the Fed Chairman were to whisper to me what his monetary policy was going to be over the next two years, it wouldn’t change one thing I do.”

— Warren Buffett

“You would be better off if you got a punch card with 20 punches on it—and every financial decision you made you used up a punch.

You would think a long time before every investment decision. You would make good ones and you’d make big ones.”

— Warren Buffett

“You need humility to say ‘I might be wrong.'”

— Seth Klarman

“Humility is an enormously important quality. You can’t win without it. Survival in the end is where the winners are by definition, and survival begins with humility.”

— Peter Bernstein

“Don’t buy ‘cheap’ stocks just because they’re cheap. Buy them because the fundamentals are improving.”

— Peter Lynch

“I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.”

— Charlie Munger

“The more you think you know, the more closed-minded you’ll be.”

— Ray Dalio

“Try more to profit from always remembering the obvious than from grasping the esoteric. It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”

— Charlie Munger