1101 Warren Buffet Charlie Munger and Benjamin Graham quotes and sayings for the Intelligent Investor: Financial wisdom to become rich

This is a list of 1101 + quotes from Warren Buffet, Charlie Munger and Benjamin Graham. The list has no special order.

This is an effort to collect, inspiring and wise quotes attributed to Warren Buffet, Charlie Munger and Benjamin Graham. Certainly, one of them can transform you to become a better investor.
Trying to emulate Warren Buffett’s investment success is hard, because his results are so extreme that the role of luck in his lifetime performance is very likely high, and luck isn’t something you can reliably emulate.
Plenty of books are dedicated to how Warren Buffett built his fortune. Many of them are wonderful. But few pay enough attention to the simplest fact: Buffett’s fortune isn’t due to just being a good investor but being a good investor since he was literally a child.
Graham’s classic book, The Intelligent Investor, is more than theory. It gives practical directions like formulas investors can use to make smart investing decisions.
Charlie Munger once said “I did not intend to get rich. I just wanted to get independent.”
We can leave aside rich, but independence has always been my personal financial goal. Chasing the highest returns or leveraging my assets to live the most luxurious life has little interest to me. Both look like games people do to impress their friends, and both have hidden risks. I mostly just want to wake up every day knowing my family and I can do whatever we want to do on our own terms. Every financial decision we make revolves around that goal.

Some random quotes inside this book:

‘People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.’ – Warren Buffett
‘The theory of modern education is that you need a general education before you specialize. And I think to some extent, before you’re going to be a great stock picker, you need some general education.’ – Charlie Munger
‘In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that’s what’s going on in today’s private-equity world.’ – Charlie Munger
‘It’s going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn’t pass. But nobody will ever know that if it does.’ – Warren Buffett
‘If you buy the things you don’t need, you will soon be selling the things that you need.’ – Warren Buffett
‘If we’ve been a little more successful than other people, is because we always realized that the school of life was always open, and if you were not learning more you are falling behind.’ – Charlie Munger
‘Don’t confuse correlation and causation. Almost all great records eventually dwindle.’ – Charlie Munger
‘I’ve often felt there might be more to be gained by studying business failures than business successes.’ – Warren Buffett
‘In business, I look for economic castles protected by unbreachable ‘moats’.’ – Warren Buffett
‘In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.’ – Benjamin Graham
‘Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.’ – Warren Buffett
‘There is bound to be a regression toward the mean.’ – Charlie Munger
‘An investor needs to do very few things right as long as he or she avoids big mistakes.’ – Warren Buffett
‘I have worked with investors for 60 years and I have yet to see anyone – not even when capital gains rates were 39.9 percent in 1976-77 – shy away from a sensible investment because of the tax rate on the potential gain.’ – Warren Buffett
‘The sillier the market’s behavior, the greater the opportunity for the business like investor.’ – Benjamin Graham
‘All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.’ – Warren Buffett
‘You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.’ – Warren Buffett
‘When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.’ – Warren Buffett
‘A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.’ – Warren Buffett
‘The ethos of not fooling yourself is one of the best you could possibly have. It’s powerful because it’s so rare.’ – Charlie Munger
‘The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.’ – Warren Buffett
‘If we start deciding, based on guesses or emotions, whether we will or won’t participate in a business where we should have some long run edge, we’re in trouble.’ – Warren Buffett
‘It’s a lot easier to buy things than it is to sell them.’ – Warren Buffett
‘You have to be able to communicate in life and probably schools underemphasize that. If you can’t talk to people or write, you’re giving up your potential.’ – Warren Buffett
‘Too often, a vast collection of possessions ends up possessing its owner.’ – Warren Buffett
‘It’s not a competency if you don’t know the edge of it.’ – Charlie Munger
‘In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables – like the discount warehouses of Costco.’ – Charlie Munger
‘Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.’ – Warren Buffett
‘If investing weren’t a little difficult, everybody would be rich.’ – Charlie Munger