To celebrate, here are 20 of my favorite quotes from the Oracle of Omaha:
1/ "It takes 20 years to build a reputation and five minutes to ruin it.
When you think about that, you'll do things differently."
2/ "If you don't find a way to make money while you sleep you will work until you die."
3/ “Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard.”
4/ "Only when the tide goes out do you discover who's been swimming naked."
5/ "Risk comes from not knowing what you are doing."
6/ "It is not necessary to do extraordinary things to get extraordinary results."
7/ "Your mind is like a bank. What you deposit is what you can withdraw."
8/ “inactivity strikes us as intelligent behavior.”
9/ "Do not save what is left over after spending. Spend what is left over after saving."
10/ "Someone is sitting in the shade today because someone planted a tree a long time ago."
11/ "Time is the friend of the wonderful company, the enemy of the mediocre."
12/ "The true investor welcomes volatility."
13/ "It won't be the economy that will do in investors; it will be the investors themselves."
14/ "Uncertainty is actually the friend of the buyer of long-term value."
15/ "The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage."
16/ "All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies."
17/ "The most important investment you can make is in yourself."
18/ "Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble."
19/ "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
20/ "If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on the weekdays."
Thank you, Warren for being an endless fountain of knowledge
Happy 91st!
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Revenue +60% to $75.3 Million
✅Guidance was $73 MM to $75 MM
✅Wall street expected $74.8 MM
Adjusted EPS +110% to $7.9 million, or $0.19
✅Wall Street expected $0.14
Other metrics:
✅Active buyers +43% to 4.0 million
✅Spend per buyer +23% to $226
✅Take rate up 80 basis points to 27.8%
✅Non-GAAP gross margin 84.4%
➡️Expenses grew ~80%, especially R&D, SGA
✅FCF $15 million
➡️Cash $312 MM / Convertible notes $361 million