Warren Buffett turns 95 today. 10 of his biggest investing lessons.

Buffett plans to resign as Berkshire CEO at the end of the year after 60 years. It leaves an extraordinary heritage as an investor and manager.

In 1965, he seized the control of a textile company struggling and transformed into the world’s largest holding with market value of over $ 1 trillion and post -annual business earnings.

Here are 10 lessons or inferences from your long career. Investors may not agree with many of them, but it’s worth considering.

Do not pay for stocks. Buffett usually does not pay more than 15 floors for stocks. In the late 1980s, even when buying growth companies or Coca-Cola like Apple, Buffett bought them under 15 times.

Don’t be afraid to make a profit – even if it means paying too much on taxes. Although Buffett invests “forever ,, reality is different. Berkshire reduced his old big shares in Apple by 70% and reduced his interest in Bank of America by 40% last year. In recent years, Berkshire, JP Morgan Chase, Goldman Sachs Group, Citigroup and Paramount Global’da Others have appeared among others. The only two “forever” stock in the Berkshire portfolio can be Coke and American Express.

Stay loyal to what you know. Buffett holds the set of minds of the 20th century in his investments. Buffett has a few new economic stocks. And the same story as Berkshire’s fully owned businesses managed by insurance, railways and public services.

Start early. Buffett followed the markets as a man and read the investment -time publications at the Omaha Public Library. In 1942, when he was 12 years old, his first investment – preferred people.

Look for great teachers. Buffett was fascinated by Value Investor Ben Graham’s smart investor book published in 1949. Buffett went to Columbia Business School, where Graham taught at Graham’s investment company before hitting himself on his own.

Don’t be afraid of concentrated investments. Five stocks made about 70% of the $ 300 billion stock portfolio at the end of the second quarter of Bank of America, Apple. Buffett’s own portfolio has been a hyper concentrated with more than 99% of its net value in Berkshire shares-now a share of about $ 150 billion.

Rent great managers and let them do their jobs. Berkshire gives the senior executives of their subsidiaries more than almost other big companies.

Do not retire too early. Buffett does not believe in retirement for himself and his senior executives at the age of 65. Berkshire has paid for Berkshire investors since Buffett’s approach has increased thirty times since the age of 65 in 1995.

Be stingy with sharing. Berkshire hates giving stocks for purchasing and did not offer any stock compensation to anyone in Berkshire. Everyone gets money in cash. Since Buffett took over in 1965, the number of shares increased by only 40% as Berkshire paid a great time for its owners. The part of this rule per share is critical.

Do something you like. Buffett has always loved his job – while he was saying that they “dance” to the office every day in the past. Berkshire is Buffett’s baby, and CEO does not give it when he plans to remain the president.

Berkshire told the shareholders to be in the office every day in 2026 at the annual meeting of Berkshire – it is not surprising for someone who says it was “always on an hour for Berkshire a few years ago.

Berkshire investors hopes to stay at least a few more years.

Happy birthday Warren Buffett.

Write to Andrew Bary Andrew.bary@barrons.com