Warren Buffett quotes on life. Warren Buffett on what it takes to live a good life.
Wanted to make a very clean type of income. A couple of times I remember saying, “Gee, Warren, this thing isn’t reported” [to the government]. And he said, “I’m putting it in.”
Do what you love
Warren Buffett and Bill Gates attended a forum together at the University of Washington Business School many years ago. When asked on his thoughts on life, Warren Buffett noted emphatically that you have to do what you love. Those people who think they have to do this, then that, so they can get to X and Y are kind of like “saving up sex for old age”. Rather, we will be much happier and probably more successful in the long-run if we make sure we are doing what we love at every moment in time.
Always be humble
Warren Buffett emphasizes how important it is to always be humble. When you are feeling that you are ‘on a roll’, you should all the more be circumspect. For example, when writing his letters to his shareholders, Buffett was always careful not to over-promise. Instead, although he had been beating the market consistently more many years, he always noted that his advantage over the Dow may not be sustainable, and sometimes even comments in certain terms that what he has attained should be considered ‘decidedly abnormal’, and that the Buffett partnership will have ‘loss years’ where it is ‘inferior to the Dow’.
Such an attitude helps Warren Buffett always stay on his toes and never be complacent. Charlie Munger advises that one should always use checklist routines to ensure that we avoid big mistakes or omissions in our thinking. This is all part of always staying humble regardless of how much success one has already attained; that is the only way to sustain that success – too many have risen and then fallen because of the burden of their hubris.