Mejores fragmentos de Poor Charlie's Almanack

  1. I could improve your ultimate financial welfare by giving you a ticket with only twenty slots in it so that you had twenty punches-representing all the investments that you get to make in a lifetime.

  2. Investment is most successful when it is most businesslike

  3. Investors should purchase stocks like they purchase groceries-not like they purchase perfume

  4. A great business at a fair price is superior to a fair business at a great price

  5. You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality.

  6. You need a different checklist and different mental models for different companies

  7. Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things

  8. Berkshire value will be higher in twenty years, but it is certain that the annual rate of percentage growth will much lower.

  9. I hate to be an optimist, buy we have really added a lot of wonderful businesses to Berkshire over the past few years.

  10. The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But ninety-eight percent of the investment world doesn´t think this way.

  11. Old moats are getting filled in and new moats are harder to predict, so it’s getting harder.

  12. The very nature of things is that if you get a whole lot of volume through your operation, you get better at processing that volume. That’s an enormous advantage.

  13. The net amount of money that’s been made by the shareholders of airlines since Kitty Hawk is now a negative figure.

  14. The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you.

  15. You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose.

  16. The one thing all those winning bettors in the whole history of people who’ve beaten the pari-mutuel system have is quite simple: they bet very seldom.

  17. As usual in human affairs, what determines the behavior are incentives for the decision maker, and “getting the incentives right” is a very, very important lesson.

  18. There’s a lot of simple stuff that many of you are quite capable of learning. And your lives will work way better, too, if you do. Plus, learning it is a lot of fun. So I urge you to learn it.

  19. A competing product, if it is never tried, can’t act as a reward creating a conflicting habit. Every spouse knows that.

  20. There is an old two-part rule that often works wonders in business: (1) Take a simple, basic idea and (2) take it very seriously.

  21. I tend to prefer over direct foreign investment Berkshire’s practice of participating in foreign economies through the likes of Coca-Cola and Gillette.

  22. I have never taken a single course in economics, nor tried to make a single dollar, ever, from foreseeing macroeconomic changes.

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