by
Stephen Gandel
Buffett has become known for his folksy one-liners. In this year’s letter to shareholders, he doesn’t disappoint.
On Saturday morning, Berkshire Hathaway released CEO and legendary investor Warren Buffett’s annual letter to shareholders. Buffett followers read the letters closely for the investing wisdom he dispenses in his annual missives. But over the years, along with his market knowledge, Buffett has also come to be known for his folksy one-liners. For example, in 2001, on being lucky versus being good at investing, he wrote in his annual letter, “After all, you only find out who is swimming naked when the tide goes out.” In last year’s letter he wrote, “A bull market is like sex. It feels best just before it ends.”
This year’s letter doesn’t disappoint. Here are the best Buffett one-liners in this year’s essay.
Warren Buffett, chief executive officer of Berkshire HathawayPhotograph by Jeff Kowalsky — Bloomberg via Getty Images
Why managers have to be objective when investing
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Photograph by Chris Machian — Bloomberg via Getty Images
"If horses had controlled investment decisions, there would have been no auto industry."
On how experience in business can make you a better investor, and vice versa
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Photograph by Daniel Acker — Bloomberg via Getty Images
"'There are certain things that cannot be adequately explained to a virgin either by words or pictures.'" (Buffett quoting a Peter Arno cartoon.)
Why Wall Street always wants more deals
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Photo: Andrew Harrer/Bloomberg/Getty
"Don't ask the barber whether you need a haircut."
On whether he's run out of places to invest
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Photograph by Daniel Acker — Bloomberg via Getty Images
"Berkshire now owns 9 1/2 companies that would be listed on the Fortune 500 were they independent (Heinz is the 1/2). That leaves 490 1/2 fish in the sea. Our lines are out."
How CEOs can avoid killing a good business
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Photograph by Carlos Barria — Reuters
"He must never forget Charlie's plea: 'Tell me where I'm going to die, so I'll never go there.'"
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