Warren Buffett: "Rule #1: Never lose money. Rule #2: Never forget rule #1."

less than 1m read

·Feb 1, 2025

Warren Buffett: The first rule of investment is: Don’t lose. And the second rule of investment is: Don’t forget the first rule. And that’s all the rules there are. I mean, if you buy things for far below what they’re worth, and you buy a group of them, you basically don’t lose money.

Goodman: Warren, what do you consider the most important quality for an investment manager?

Buffett: It’s the temperamental quality, not an intellectual quality. You don’t need tons of IQ in this business. I mean, you have to have enough IQ to get from here to downtown Omaha, but you do not have to be able to play three-dimensional chess or be in the top leagues in terms of bridge playing or something of the sort.

You need a stable personality. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls, it’s a business where you think.

And Ben Graham would say that you’re not right or wrong because a thousand people agree with you. And you’re not right or wrong because a thousand people disagree with you. You’re right because your facts and your reasoning are right.

What Will Happen In One Billion Years?

Kathryn Minshew at Female Founders Conference 2014

View All

Telling time to the nearest minute: unlabeled clock | Math | 3rd grade | Khan Academy

Let’s look at the clock and see what time is shown. The clock has two hands: this first shorter one, which represents the hours, and then there’s a longer hand here that represents the minutes. So we can start with the hours. This shorter hand right here…

Immigration and migration in the Gilded Age | Period 6: 1865-1898 | AP US History | Khan Academy

Here’s a graph showing the population growth in four US cities from 1860 to 1900. In 1860, before the Civil War, New York City was the biggest city in the United States, but even it didn’t have more than a million people. There wasn’t a single city of mor…

The Soul of Music: Sampa The Great Returns to her Roots | Podcast | Overheard at National Geographic

Foreign [Music] Douglas: I’m a producer here at Overheard, and this is the second episode of our four-part series focusing on music exploration and black history. It’s called The Soul of Music. National Geographic explorers will be sitting down with some…

Alien Oceans | Explorers in the Field

(peaceful music) When I was a kid looking up at the stars, I really always wondered how did we get here and are we alone? My name is Bethany Ehlmann. I’m a professor of planetary science at Caltech and Research Scientist at the NASA Jet Propulsion Labora…

Vaping Is Too Good To Be True

What’s this? Oh, it’s only the best calendar we ever made. Vaping is kind of amazing – finally a less bad alternative to smoking. It delivers one of the most popular drugs in the world: Nicotine. It may improve your attention, concentration, memory, react…

What One Woman Learned Trying to Run Across California | National Geographic

There’s a lot of debate about how professional runners should be left for the elite, and then on the other side, professional runners should just be anyone who’s making a living through running. I fit squarely in neither of those categories. [Music] I wou…

Warren Buffett: "Rule #1: Never lose money. Rule #2: Never forget rule #1."

More Articles