Warren Buffett, Chairman of Berkshire Hathaway, is arguably the world's greatest investor and the third richest man with a net worth exceeding $52 billion (Rs 213,200 crore). He is also a great philanthropist: last year he declared plans to give away over $37 billion (Rs 151,700 crore) in charity, to the Bill & Melinda Gates Foundation.
But he is not just a man with a large heart and a matching wallet. Also known as The Sage of Omaha, he is also full of wisdom and wit.
Here are some of his gems of advice for investors who look at the stock market to make a fortune, culled from various publications, his speeches and writings:
'Never invest in a business you cannot understand.'
'Always invest for the long term.'
'Remember that the stock market is manic-depressive.'
'Buy a business, don't rent stocks.'
'Price is what you pay. Value is what you get.'
'Stop trying to predict the direction of the stock market, the economy, interest rates, or elections.'
'I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.'
'Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.'
'Buy companies with strong histories of profitability and with a dominant business franchise.'
'It is optimism that is the enemy of the rational buyer.'
'As far as you are concerned, the stock market does not exist. Ignore it.'
'The ability to say 'no' is a tremendous advantage for an investor.'
'If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money.'
Text: Rediff Business Desk
American billionaire investor Warren Buffett wears a traditional Druze cap after a press conference in the Teffen industrial zone in northern Israel.
Photograph: David Silverman/Getty Images