Warren Buffett's birthday: 5 investment tips by billionaire business magnate

Warren Buffett, CEO of Berkshire Hathaway, turned 92 on August 30.

Warren Buffet turned 92 on Tuesday and on his birthday, here's a compilation of five investment advice from the legendary business magnate and CEO of Berkshire Hathaway.

1.) 'Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1'
Apart from making profit, an investor's financial goals must also include avoiding loss. Warren Buffett’s suggests that instead of looking for the highest profit, investors should looking to avoid loss first.

2.) 'Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble'
Warren Buffett suggests that opportunities need to be seized and used decisively. For example, when stock prices are significantly low, investing heavily might be a good idea good prices may not come along again soon.

3.) 'It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price'
While it may seem like a good idea to buy only the cheapest companies, Warren Buffett suggests a investment decision would be to buy “wonderful” companies with better economics position.

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4.) 'The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch'Instead of taking chances on stocks that investors don't find attractive, Warren Buffet advices them to wait until they find an opportunity that is unlikely to cause losses.

5.) 'The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd'

Warren Buffett said that to be successful, investors need the right temperament rather than intelligence. He suggested that instead of following the crowd, investors should the market before making a call.

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