--- title: "Meaning & Key Takeaway of: When asked how he became so successful in…" description: "\"When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.\" — Warren Buffett" image: "https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png" --- # When asked how he became so successful in investing… ![“When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.” quote by Warren Buffett](https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png) [Download](https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png) [Open image](https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png) > “When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.” [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Success in investing stems from diligent, systematic study of company fundamentals through extensive report analysis. **In simple terms:** Read many reports to invest wisely. Key Takeaway Study reports regularly for informed decisions. Themes investing discipline research knowledge patience Mood analytical pragmatic Type financial motivational When to use this quote - stock market analysis - career development - academic research - personal finance planning Key Concepts value investing financial analysis habit formation Questions to Reflect On - What key metrics do you prioritize in reports? - How do you avoid information overload? A Different Perspective Reading alone cannot guarantee success without critical thinking. ★ ★ ★ ★ ★ No ratings yet [Annual reports](https://sms4smile.com/quotes/about/annual-reports/) [Customer](https://sms4smile.com/quotes/about/customer/) [Investing](https://sms4smile.com/quotes/about/investing/) [Reports](https://sms4smile.com/quotes/about/reports/) [Successful](https://sms4smile.com/quotes/about/successful/) [Successful investing](https://sms4smile.com/quotes/about/successful-investing/) ## Related quotes > [“Once he'd asked, "Don't you want to read? There are hundreds of books in the sitting room." She had laughed and said, "I've read…](https://sms4smile.com/quotes/sarah-addison-allen/once-he-d-asked-don-t-you-want-to-read-there-are-hundreds-of-books-in/) [Sarah Addison Allen](https://sms4smile.com/quotes/author/sarah-addison-allen/) > [Other guys read Playboy. I read annual reports.](https://sms4smile.com/quotes/warren-buffett/other-guys-read-playboy-i-read-annual-reports/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.](https://sms4smile.com/quotes/warren-buffett/read-ben-graham-and-phil-fisher-read-annual-reports-but-don-t-do/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I invite people to read the hundreds of positive articles instead of getting affected by the occasional outburst from a troll.](https://sms4smile.com/quotes/walter-o-brien/i-invite-people-to-read-the-hundreds-of-positive-articles-instead-of/) [Walter O'Brien](https://sms4smile.com/quotes/author/walter-o-brien/) > [When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.](https://sms4smile.com/quotes/warren-buffett/when-i-take-a-look-at-a-company-s-annual-report-if-i-don-t-understand/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I've already written a section in the annual report for next year explaining why I think in one case that the figures on our…](https://sms4smile.com/quotes/warren-buffett/i-ve-already-written-a-section-in-the-annual-report-for-next-year/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main…](https://sms4smile.com/quotes/warren-buffett/i-read-annual-reports-of-the-company-i-m-looking-at-and-i-read-the/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [No matter how great the talent or efforts, some things just take time.](https://sms4smile.com/quotes/warren-buffett/no-matter-how-great-the-talent-or-efforts-some-things-just-take-time/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a…](https://sms4smile.com/quotes/warren-buffett/successful-investing-takes-time-discipline-and-patience-no-matter-how/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.](https://sms4smile.com/quotes/warren-buffett/diversification-is-a-protection-against-ignorance-it-makes-very/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Very successful people say no to almost everything.](https://sms4smile.com/quotes/warren-buffett/very-successful-people-say-no-to-almost-everything/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [We don't have to be smarter than the rest. We have to be more disciplined than the rest.](https://sms4smile.com/quotes/warren-buffett/we-don-t-have-to-be-smarter-than-the-rest-we-have-to-be-more/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Even the classics that we read to our young children are full of wolves' fangs and burning ovens and bloody feet and ice shards…](https://sms4smile.com/quotes/geraldine-brooks/even-the-classics-that-we-read-to-our-young-children-are-full-of/) [Geraldine Brooks](https://sms4smile.com/quotes/author/geraldine-brooks/) > [Even in writing an annual report, the unconscious plays a role.](https://sms4smile.com/quotes/mason-cooley/even-in-writing-an-annual-report-the-unconscious-plays-a-role/) [Mason Cooley](https://sms4smile.com/quotes/author/mason-cooley/) > [A ten per cent reduction in military expenditures per year would be reasonable, coupled with a programme of retraining the workforce and redirecting the…](https://sms4smile.com/quotes/alfred-maurice-de-zayas/a-ten-per-cent-reduction-in-military-expenditures-per-year-would-be/) [Alfred-Maurice de Zayas](https://sms4smile.com/quotes/author/alfred-maurice-de-zayas/) ## More by Warren Buffett > [To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual…](https://sms4smile.com/quotes/warren-buffett/to-invest-successfully-over-a-lifetime-does-not-require-a/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“Be fearful when others are greedy, and be greedy when others are fearful.”](https://sms4smile.com/quotes/warren-buffett/be-fearful-when-others-are-greedy-and-be-greedy-when-others-are/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.](https://sms4smile.com/quotes/warren-buffett/making-money-isn-t-the-backbone-of-our-guiding-purpose-it-is-the-by/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are…](https://sms4smile.com/quotes/warren-buffett/we-set-no-volume-goals-in-our-insurance-business-generally-and/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the…](https://sms4smile.com/quotes/warren-buffett/everybody-s-got-a-different-circle-of-competence-the-important-thing/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [It is better to point out your own mistakes than have somebody else do it.](https://sms4smile.com/quotes/warren-buffett/it-is-better-to-point-out-your-own-mistakes-than-have-somebody-else/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're…](https://sms4smile.com/quotes/warren-buffett/i-ve-read-about-all-the-sales-today-if-you-re-an-auto-dealer-you-re/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to…](https://sms4smile.com/quotes/warren-buffett/i-was-lucky-enough-to-be-born-in-a-time-and-place-where-society/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to…](https://sms4smile.com/quotes/warren-buffett/the-most-common-cause-of-low-prices-is-pessimism-some-times-pervasive/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The reaction of weak management to weak operations is often weak accounting.](https://sms4smile.com/quotes/warren-buffett/the-reaction-of-weak-management-to-weak-operations-is-often-weak/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.](https://sms4smile.com/quotes/warren-buffett/what-you-really-want-to-do-in-investments-is-figure-out-what-s/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I don't measure my life by the money I've made. Other people might, but certainly don't.](https://sms4smile.com/quotes/warren-buffett/i-don-t-measure-my-life-by-the-money-i-ve-made-other-people-might-but/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've…](https://sms4smile.com/quotes/warren-buffett/i-mean-the-truth-is-i-ve-never-had-it-so-good-in-terms-of-taxes-i-am/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the…](https://sms4smile.com/quotes/warren-buffett/the-most-important-quality-for-an-investor-is-temperament-not/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate…](https://sms4smile.com/quotes/warren-buffett/investors-of-course-can-by-their-own-behavior-make-stock-ownership/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Explore all 984 Warren Buffett quotes ](https://sms4smile.com/quotes/author/warren-buffett/) ## More Annual reports quotes > [A ten per cent reduction in military expenditures per year would be reasonable, coupled with a programme of retraining the workforce and redirecting the…](https://sms4smile.com/quotes/alfred-maurice-de-zayas/a-ten-per-cent-reduction-in-military-expenditures-per-year-would-be/) [Alfred-Maurice de Zayas](https://sms4smile.com/quotes/author/alfred-maurice-de-zayas/) > [I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main…](https://sms4smile.com/quotes/warren-buffett/i-read-annual-reports-of-the-company-i-m-looking-at-and-i-read-the/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Even in writing an annual report, the unconscious plays a role.](https://sms4smile.com/quotes/mason-cooley/even-in-writing-an-annual-report-the-unconscious-plays-a-role/) [Mason Cooley](https://sms4smile.com/quotes/author/mason-cooley/) > [Even the classics that we read to our young children are full of wolves' fangs and burning ovens and bloody feet and ice shards…](https://sms4smile.com/quotes/geraldine-brooks/even-the-classics-that-we-read-to-our-young-children-are-full-of/) [Geraldine Brooks](https://sms4smile.com/quotes/author/geraldine-brooks/) > [I've already written a section in the annual report for next year explaining why I think in one case that the figures on our…](https://sms4smile.com/quotes/warren-buffett/i-ve-already-written-a-section-in-the-annual-report-for-next-year/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [For corporations to be bedfellows with the arts is good business for both. The architecture that houses a company is a more visible statement…](https://sms4smile.com/quotes/malcolm-forbes/for-corporations-to-be-bedfellows-with-the-arts-is-good-business-for/) [Malcolm Forbes](https://sms4smile.com/quotes/author/malcolm-forbes/) > [My first job at Graham-Newman was to prepare the annual report for that 10th year.](https://sms4smile.com/quotes/walter-schloss/my-first-job-at-graham-newman-was-to-prepare-the-annual-report-for/) [Walter Schloss](https://sms4smile.com/quotes/author/walter-schloss/) > [When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.](https://sms4smile.com/quotes/warren-buffett/when-i-take-a-look-at-a-company-s-annual-report-if-i-don-t-understand/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Clients have no trouble paying $5,800 for an hour in a Gulfstream corporate jet or $425 for a month of parking. But God forbid…](https://sms4smile.com/quotes/bill-cahan/clients-have-no-trouble-paying-5-800-for-an-hour-in-a-gulfstream/) Bill Cahan > [Other guys read Playboy. I read annual reports.](https://sms4smile.com/quotes/warren-buffett/other-guys-read-playboy-i-read-annual-reports/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.](https://sms4smile.com/quotes/warren-buffett/read-ben-graham-and-phil-fisher-read-annual-reports-but-don-t-do/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The world is full of CEOs that think that just because they write a memo or they write a letter inside an annual report…](https://sms4smile.com/quotes/anonymous/the-world-is-full-of-ceos-that-think-that-just-because-they-write-a/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) [Browse all 13 Annual reports quotes ](https://sms4smile.com/quotes/about/annual-reports/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/warren-buffett/when-asked-how-he-became-so-successful-in-investing-buffett-answered/", "about": { "@type": "Thing", "name": "Annual reports" }, "@id": "https://sms4smile.com/quotes/warren-buffett/when-asked-how-he-became-so-successful-in-investing-buffett-answered/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png", "contentUrl": "https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png", "url": "https://sms4smile.com/quotes/i/971/warren-buffett-183_annual-reports_when-asked-how-he-became-so-successful-i_1060404.png", "width": 1080, "height": 1080, "caption": "“When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Warren Buffett", "item": "https://sms4smile.com/quotes/author/warren-buffett/" }, { "@type": "ListItem", "position": 4, "name": "When asked how he became so...", "item": "https://sms4smile.com/quotes/warren-buffett/when-asked-how-he-became-so-successful-in-investing-buffett-answered/" } ], "@id": "https://sms4smile.com/quotes/warren-buffett/when-asked-how-he-became-so-successful-in-investing-buffett-answered/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```