Berkshire Hathaway 2014 Annual Report
- Berkshire Hathaway 2014 Annual Report - http://www.berkshirehathaway.com/2014ar/2014ar.pdf
2. "Of course, a business with terrific economics can be a bad investment if it is bought for too high a price"
3. “My experience in business helps me as an investor and that my investment experience has made me a better businessman"
4. "In world of business, bad news often surfaces serially. You see a cockroach in kitchen; as days go by, you meet his relatives"
5. “Forget what you know about buying fair business at wonderful prices; instead, buy wonderful business at fair prices” Charlie Munger
6. "Frequently, the best decision is to do nothing. But sitting tight is seldom recommended by Wall Street (Don't ask the barber whether you need a haircut)"
7. “Cash is to a business as Oxygen to an individual; never thought about when it is present, the only thing in mind when it is absent"
8. "The unconventional, but inescapable, conclusion to be drawn from the past 50 years is that it has been far safer to invest in a diversified collection of American businesses, than to invest in bond or treasuries"
9."For great majority of investors, who can and should invest with a multi-decade horizon, quotational declines are unimportant. Their focus should remain fixed on attaining significant gains in purchasing power over their investing lifetime.
10."Buffett's decision to limit his activities to a few kinds and to maximize his attention to them, and to keep doing it for 50 years, was a lollapolooza. Buffett succeeded for the same reason Roger Federer became good at tennis"
11. “Though practically all days are relatively uneventful, tomorrow is always uncertain. And if you can't predict what tomorrow will bring, you must be prepared for whatever it does".
12. “Investor can by their own behavior, make stock ownership highly risky by active trading, attempts to "time" market", inadequate diversification, payment of high and unnecessary fees to manager and advisor, and use borrowed money. Borrowed money has no place in investor's tool kit (anything can happen anytime in markets).
