Your First 100 Million Manual

Here are some memorable lines from Warren Buffett. They appeared in the Berkshire Hathaway annual letter.

On America's future

"For 240 years it’s been a terrible mistake to bet against America, and now is no time to start. America’s golden goose of commerce and innovation will continue to lay more and larger eggs."

Source: Berkshire Hathaway

...and on Noah

"Likewise, if there is only a 1% chance the planet is heading toward a truly major disaster and delay means passing a point of no return, inaction now is foolhardy. Call this Noah’s Law: If an ark may be essential for survival, begin building it today, no matter how cloudless the skies appear."

Source: Berkshire Hathaway

On business strategy

"Though the early bird gets the worm, the second mouse gets the cheese."

Source: Berkshire Hathaway

On doubling your chances

"Woody Allen once explained that the advantage of being bi-sexual is that it doubles your chance of finding a date on Saturday night. In like manner – well, not exactly like manner – our appetite for either operating businesses or passive investments doubles our chances of finding sensible uses for Berkshire’s endless gusher of cash."

Source: Berkshire Hathaway

On (bad) accounting

"When CEOs or investment bankers tout pre-depreciation figures such as EBITDA as a valuation guide, watch their noses lengthen while they speak."

Source: Berkshire Hathaway

 

 

 

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