Warren Edward Buffett (born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffet is the primary shareholder, chairman and CEO of Berkshire Hathaway and consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest person in 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world.[Wikipedia) Below are some of his most famous quotations:
1. ON SPENDING. If you buy things you do not need, soon you will have to sell things you need.
2. ON TAKING RISK. Never test the depth of a river with both feet.
3. ON INVESTMENT. Do not put all eggs in one basket
4. ON EXPECTATIONS. Honesty is a very expensive gift. Do not expect it from cheap people.
Your turn. 1. Pick up one of these adages and explain how it has applied to you in a certain moment of your life. Tell us about your experience.
2. How does the adage apply in economics? Give an example.