Warren Buffett Quotes

Warren Buffett Quotes

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2012-11-17 · [Original link](http://nteswjq.blog.163.com/blog/static/12699812012101785624550/) ([archived](https://web.archive.org/web/20121120080152/http://nteswjq.blog.163.com:80/blog/static/12699812012101785624550/))

> This post includes letters from others or quoted material; Duan Yongping's own words are marked separately.

[Translator's note: a passage quoted from a Buffett quote (in English, from the quoteswise.com page "Warren Buffett Quotes", http://www.quoteswise.com/warren-buffett-quotes-3.html) stands here in the original; it is not Duan Yongping's words and is not translated.]

My understanding: correct mistakes early rather than late; whatever the price, it's the smallest price.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

My understanding: if you don't do what you don't understand, the risk is naturally small.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

My understanding: if the market were always efficient, how would I make any money?

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

My understanding: if you run after the market, the result won't be good.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

My understanding: most people really shouldn't touch the stock market; the question is how many are willing to admit they're among them. Of course, whether they admit it or not, the result is the same.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

What you pay is the price; what you buy is the value.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

This one is about the right people. The three most important things in investing: right kind of business, right people, right price. The first two are especially important; from a long-term view (or from the point of view of discounted future cash flows), a fair price is enough.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

That's why the crystalline-silicon photovoltaic industry in China is so miserable. Even more miserable: when will this situation come to an end?

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

Who wouldn't?

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

Old Buffett also said the hardest thing is to do nothing.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

If you do it right, of course you don't need to do much, but do many people who know it's hard for them to get things right think that if they do a bit more, they'll always hit on getting it right by accident?

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

Money isn't everything.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

A while ago at CEIBS I also said money is a by-product of doing what you like doing; I wonder if Old Buffett holds a patent on it.

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

How should this one be translated?

[Translator's note: a passage quoted from a Buffett quote from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

Integrity isn't just something you talk about; only when it costs you something do you find out who keeps their word. Principles shouldn't be bound to a time.

[Translator's note: a passage quoted from more Buffett quotes from the same page stands here in the original; it is not Duan Yongping's words and is not translated.]

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