In the year 1945, Buffer and a friend spent $25 to purchase a used pinball machine, which they placed in the local barbershop. Within months, they purchased several machines in three different Barber Shops across Omaha. The business was sold later in the year for $1200 to a War Veteran.
READ more "Fear is the most contagious disease you can imagine. It makes the virus look like a piker."
"You've got to understand accounting. You've got to. That's got to be like a language to you,"
"[Our] favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. [American investor] Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds."
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
“Price is what you pay. Value is what you get.”
"Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless."
“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.”
“The important thing is to know what you know and know what you don’t know.”
“You cannot make a good deal with a bad person.”
“Just buy something for less than it’s worth."
“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”
“Uncertainty actually is the friend of the buyer of long-term values.”
"As in the case with marriage, business acquisitions often deliver surprise after the ‘I do’s.’”
“In my view, for most people, the best thing is to do is owning the S&P 500 index fund. There are huge amounts of money people pay for advice they really don’t need.”
“Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold.”
“Don’t pass up something that’s attractive today because you think you will find something better tomorrow.”
“The sillier the market’s behavior, the greater the opportunity for the businesslike investor.”
“You only learn who has been swimming naked when the tide goes out.”
“The best way to think about investments is to be in a room with no one else and to just think. If that doesn’t work, nothing else is going to work.”
“What we do is not beyond anyone else’s competence. I feel the same way about managing that I do about investing: It’s just not necessary to do extraordinary things to get extraordinary results.”
“Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.”
“When seeking directors, CEOs don’t look for pit bulls. It’s the cocker spaniel that gets taken home.”
“I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possesses them, rather than the other way around.”
“Your best investment is yourself. There is nothing that compares to it.”
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