ENGLISH SPEECH | BILL GATES: Harvard Commencement Address (English Subtitles)

Steve Jobs' 2005 Stanford Commencement Address (with intro by President John Hennessy)

Mohnish Pabrai Quotes (Multibillionaire Stock Market Investor)

Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.

You don't make money when you buy stocks. And you don't make money when you sell stocks. You make money by waiting.

I think a lot of people are getting more serious about how to do the most good, but there is no road map. I'm hoping I can offer an example.

The essence of a good investment manager is one who studies a given business and extrapolates the future cash flows that the business is likely to generate over the next several years. Based on the cash flow and asset assessment, they can then arrive at their expected rate of return if they bought a fraction of that business at a given price.

You know, my degrees are in computer engineering. I spent a lot of time in the tech industry. And I like to say that I don't invest in tech because I spent time in it. And I saw firsthand that the durability of technology moats is many times an oxymoron.

The single biggest advantage a value investor has is not IQ. It's patience and waiting. Waiting for the right pitch, and waiting for many years for the right pitch.

People see poverty all around them in India, but they are desensitized or immune to it. I came to the conclusion that poverty is driven by lack of education.

Michael Burry Quotes (Multibillionaire Stock Market Investor)

Fresh, clean water cannot be taken for granted. And it is not - water is political, and litigious. Transporting water is impractical for both political and physical reasons, so buying up water rights did not make a lot of sense to me, unless I was pursuing a greater fool theory of investment - which was not my intention.

Sadly, in the highest levels of economic thought in government, questions are not tolerated. It is as if we're dealing with the binary thinking of a fundamentalist religion.

'Ick investing' means taking a special analytical interest in stocks that inspire a first reaction of 'ick.' I tend to become interested in stocks that by their very names or circumstances inspire unwillingness - and an 'ick' accompanied by a wrinkle of the nose on the part of most investors to delve any further.

My natural state is an outsider, and no matter what group I'm in or where I am, I've always felt like I'm outside the group, and I've always been analyzing the group.

Lost dollars are simply harder to replace than gained dollars are to lose.

At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but, rather, set out on his own path and ran money his way, by his own rules... I also immediately internalized the idea that no school could teach someone how to be a great investor.

One of the risks for anybody in the lending business is that being conservative can harm your competitiveness.

Peter Lynch Quotes (Greatest Mutual Fund Manager in the World)

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30. You just don't know when you can find the bottom.

You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.

The person that turns over the most rocks wins the game. And that's always been my philosophy.

Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.

Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.

It's human nature to keep doing something as long as it's pleasurable and you can succeed at it - which is why the world population continues to double every 40 years.

Charlie Munger Quotes (Mentor to Warren Buffett and Multibillionaire Stock Market Investor)

1. Here are 85 famous Charlie Munger quotes in honor of his birthday:

2. It takes character to sit with all that cash and to do nothing. I didn't get to the top where I am by going after mediocre opportunities.

3. To get what you want, you have to deserve what you want. That world is not yet a crazy enough place to reward a whole bunch of people.

4. Being something and doing something that no one had done before are two different things.

5. Those who keep learning will keep rising in life.

6. If you keep learning all the time you have a huge advantage.

7. You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.

8. People calculate too much and think too little.

9. A majority of life's errors are caused by forgetting what one is really trying to do.

10. The best thing a human can do is to help another human being know more.

11. Knowing what you don't know is more useful than being brilliant.

12. The habit of committing far more time to learning and thinking than to doing is no accident.

13. Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's -I wanted the independence. I desperately wanted it.

14. One of the greatest ways to avoid trouble is to keep it simple...the system often goes out of control.

15. If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

16. Just the discipline of having to put your thoughts in order with somebody else is very useful thing.

17. Opportunity comes to the prepared mind.

18. I met the towering intellectuals in books, not in classroom, which is natural. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.

19. I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.

20. It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be intelligent.

21. To this day, I have never taken a course anywhere, in chemistry, economics, psychology, or business.

22. I try to get rid of people who confidently answer questions about which they don't have any real knowledge.

23. I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself.

24. Another thing I think should be avoided is extremely intense ideology because it cabbages up one's mind...when you're young it's easy to drift into royalties and when you announce that you're a loyal member...and you're gradually ruining your mind.

25. Simplicity has a way of improving performance by enabling us to better understand what we are doing.

26. You should avoid sloth and unreliability.

27. Generally speaking, envy, resentment, and self-pity are disastrous modes of thoughts. Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse.

28. People should take away less than they're worth when they are favored by life...I would argue that when you rise high enough in American Business you've got a moral duty to be underpaid

29. Those of us who have been fortunate have a duty to give back. Whether one gives a lot as one goes along as I do, or a little and then a lot (when one dies) as Warren does, is a matter of personal preference.

30. No man is fit to hold office who isn't perfectly willing to leave it at any time...

31. Acknowledging what you don't know is the dawning of wisdom.

32. We recognized early on that smart people do very dumb things, and we wanted to know why and who, so that we could avoid them.

33. We have a passion for keeping things simple.

34. We have three baskets for investing: yes, no, and too tough to understand.

35. Live within your income and save so you can invest. Learn what you need to learn.

36. It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred -gratification gene, you've got to work very hard to overcome that.

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

38. An intelligent investing is value investing, acquiring more than you are paying for.

39. The big money is not in buying or selling, but in the waiting.

40. A lot of people with high IQs are terrible investors because they've got terrible temperaments.

41. When you borrow a man's car, always return it with a tank of gas.

42. .. the most famous composer in the world but was utterly miserable most of the time, and of the reasons was because he always overspent his income. This was Mozart. If Mozart couldn't get by with this kind of asinine conduct, I don't think you should try.

43. We're not interested in taking a substantial chance of taking a lot of very decent people back to 'Go' so we can have one more zero on our net worth.

44. The liabilities are always 100 percent good. It's the assets you have to worry about.

45. Take a simple idea, and take it seriously.

46. Mimicking the herd invites regression to the mean.

47. Wall Street has too much wealth and political power.

48. It's like the slaughter of the innocents. It makes the people who run Las Vegas seem like good people.

49. I've seen so much folly and stupidity on the part of our major philanthropic groups, including the world bank. I really have more confidence in building up the more capitalistic ventures like Costco.

50. We both (Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

51. Our game is to recognize a big idea when it comes along when one doesn't come along very often.

52. Ninety-nine percent of the troubles that threaten our civilization come from too optimistic, therefore we should have a system where the accounting is a way more conservative.

53. A lot of people think if you just had more process and more compliance- checks and double-checks and so forth-you could create a better world. We just try to operate in a seamless web of deserved trust and be careful of whom we trust.

54. Everywhere there is a large commission, there is a high probability of a rip-off.

55. Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game wherein you have to learn to quit sometimes when holding a much-loved hand.

56. In my whole life, I have known no wise people...who didn't read all the time --none, zero. You'd be amazed at how much Warren reads --at how much I read...They think I'm a book with a couple of legs sticking out.

57. Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

58. Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

59. Just because you like it does not mean that the world will necessarily give it to you.

60. I would argue that passion is more important than brainpower.

61. Is there such a thing as a cheerful pessimist? That's what I am.

62. The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor.

63. Another thing, of course, is that life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't...

64. Confucious said that real knowledge is knowing the extent of one's ignorance. Aristotle and Socrates said the same thing. Is it a skill that can be taught or learned? It probably can, if you have enough of a stake riding on the outcome...

65. Wisdom acquisition is a moral duty. It's not something you do just to advance in life...You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here.

66. Some people are extraordinarily good at knowing the limits of their knowledge because they have to be.

67. Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts...At the end of the day if you live long enough most people get what they deserve.

68. One solution fits all is not the way to go. All these cultures are different. The right culture for the Mayo Clinic is different from the right culture at a Hollywood movie studio. You can't run all these places with a cookie-cutter solution.

69. There's a tendency to think that our present politicians are much worse than we had in the past. But we tend to forget how awful our politicians were in the past.

70. The highest form that civilization can reach is a seamless web of deserved trust-not much procedure, just totally reliable people correctly trusting one another...

71. You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas.

72. Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat.

73. Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it's time.

74. Always take the high road, it's far less crowded.

75. You don't have to have the ability that quantum mechanics requires. You just have to know a few simple things and really know them.

76. Don't drift into self-pity because it doesn't solve any problems.

77. It's not supposed to be easy. Anyone who finds it easy is stupid.

78. You need patience, discipline, and agility to take losses and adversity without going crazy.

79. There is not more money to be made from law, but less time to enjoy it.

80. No wise pilot, no matter how great his talent and experience, fails to use a checklist.

81. If something is too hard, we move on to something else. What could be more simpler than that?

82. I think that one should recognize the reality even when one doesn't like it; indeed, especially when one doesn't like it.

83. The best armor of old age is a well-spent life perfecting it.

84. There is no way you can live an adequate life without making mistakes.

85. Invert, always invert: Turn a situation or problem upside down. Look at it backward.

Warren Buffett Quotes (World's greatest Stock Market Investor)

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

The only way to get love is to be lovable. It's very irritating if you have a lot of money. You'd like to think you could write a check: 'I'll buy a million dollars' worth of love.' But it doesn't work that way. The more you give love away, the more you get.

Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you.

You only have to do a very few things right in your life so long as you don't do too many things wrong.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

There seems to be some perverse human characteristic that likes to make easy things difficult.