Warren Buffett citater og investeringsregler

Når det kommer til de mere langsigtede investeringer, så er der kun en konge, og det er selvfølgeligt ”Mr. still going strong” på trods af en alder i skrivende stund på 83 somre, oraklet fra Omaha, Warren Edward Buffett. Igennem firmaet Berkshire Hathaway har Buffett i årtier vist klassen og er i dag en af de rigeste personer i verden.

Warren Buffett kommer fra relativt ydmyge kår, hvilket også har givet ham kælenavnet ”the billionaire next door”, og har igennem hele sit liv levet i Omaha, Nebraska, som uden at gøre nogen fornærmede, vel ikke kan karakteriseres som et globalt centrum.

Men det som Warren Buffett vel er mere kendt for end nogen anden er, med sit letforståelige og no-nonsens sprog at levere en række citater, som er lette og gode at have i baghovedet, når man investerer.

I det følgende, har vi samlet en perlerække af Warren Buffetts investeringsråd i stil med ”Hvis man ikke kan tage stilling til aktien, så bliv væk”. God fornøjelse:

1. “Rule No. 1: never lose money; rule No. 2: don’t forget rule No. 1”

2. “Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”
3. “The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities  that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future  will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”
4.”It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
5. “The stock market is a no-called-strike game. You don’t have to swing at everything–you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’

6. “You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

7. “After all, you only find out who is swimming naked when the tide goes out.”

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

9. “Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s the lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.”

10. “Time is the friend of the wonderful business, the enemy of the mediocre.”

11. “Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.”

12. “Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

13. “Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, “I can calculate the movement of the stars, but not the madness of men.” If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.”

14. “The best thing that happens to us is when a great company gets into temporary trouble…We want to buy them when they’re on the operating table.”
15. “I am a better investor because I am a businessman, and a better businessman because I am no investor.”

“I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.

16. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

17. “Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”

18. “SUPPOSE that an investor you admire and trust comes to you with an investment idea. “This is a good one,” he says enthusiastically. “I’m in it, and I think you should be, too.”

19. Would your reply possibly be this? “Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.” Only in Grover Norquist’s imagination does such a response exist.”

Vi håber, at du fik inspiration til dine handler.
Kilder: the tao of warren Buffett

Letters to shareholders 1989 – 2006

Businessweek 1999