10 Brilliant Quotes From Warren Buffett, America's Second-Richest Person

By Jason Fell | Small Business

Whether it's ketchup or ice cream or more recently batteries, Warren Buffett's Berkshire Hathaway is a powerhouse, managing a stable of more than 80 businesses. Its stock trades at more than $210,000 per share.

And if Berkshire Hathaway is legit, then Buffett -- the company's charismatic leader -- is the real deal in business. At age 84, the man has a net worth of $66.8 billion, according to a recent report. Yes, you read that right. Billion. (Actually, it looks like he might be worth even more now...)

Buffett is the second wealthiest individual in the U.S., behind Microsoft co-founder Bill Gates ($81.5 billion) and ahead of Oracle's Larry Ellison ($47.3 billion).

Related: Has Warren Buffett Gone Car Crazy?

Buffett is as brilliant in business and investing as he is inspiring. Here are 10 of his best quotes, collected from his many letters to Berkshire shareholders and elsewhere around the web. Enjoy.

1. Give your mind some clarity.

“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.” 

2. Never forget thy business basics.

“Price is what you pay. Value is what you get.” 

3. Know what you're getting into, before you get into it.

"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

4. Be smart -- and realistic.

"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."

5. Don't fake it till you make it.

"After all, you only find out who is swimming naked when the tide goes out."

Related: Warren Buffett Sings Sinatra to an Audience of 400 Powerful Women

6. Always know who you're dealing with.

"You can’t make a good deal with a bad person."

7. Act with honor and integrity.

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

8. Value what's most important.

"Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends."

9. Hit the brakes when you need to. 

“The most important thing to do if you find yourself in a hole is to stop digging.” 

10. Be bold. Be confident.

“I always knew I was going to be rich. I don't think I ever doubted it for a minute. ” 

Related: The 5 Traits of Entrepreneurs Famous for Making All the Right Moves

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