A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from December 28, 2010
“Wall Street is where people ride to in a Rolls Royce to get advice from people who take the subway”

American investor Warren Buffett doesn’t trust stockbrokers. If their advice was so great, why aren’t they themselves rich? He told the Los Angeles (CA) Times in April 1991: “Wall Street is the only place people ride to in a Rolls Royce to get advice from people who take the subway.”

The Wall Street “Rolls Royce/subway” quotation is cited in most every list of Warren Buffett’s sayings.


Wikiquote: Warren Buffett
Warren Edward Buffett (born 30 August 1930) is an American investor and the CEO of Berkshire Hathaway.
(...)
Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.

7 April 1991, Los Angeles (CA) Times, “The $4-Billion Regular Guy Junk Bonds, No. Greenmail, Never. Warren Buffett Invests Money the Old-Fashioned Way” by Linda Grant, pg. 36:
“You know, Wall Street is the only place people ride to in a Rolls Royce to get advice from people who take the subway.”

The New Republic
The Temptation Of St. Warren
Buffett’s principles--and Wall Street’s.

February 17, 1992 | 12:00 am
(...)
“I never talk to brokers or analysts,” he told Linda Grant of The Los Angeles Times. “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”

Google Books
The Executive’s Book of Quotations
By Julia Vitullo-Martin and J. Robert Moskin
New York, NY: Oxford University Press
1994
Pg. 291:
Wall Street is the only place people ride to in a Rolls-Royce to get advice from people who take the subway.” Warren Buffett, ceo, Berkshire Hathaway (New York Newsday, August 25, 1991)

Google Books
Warren Buffett Wealth:
Principles and practical methods used by the world’s greatest investor

By Robert P. Miles
Hoboken, NJ: J. Wiley
2004
Pg. 104:
Warren was once asked how to get rich quick. He held his nose with one hand, and with the other he pointed to Wall Street. “Wall Street is the only place,” according to Warren, “that people ride to in a Rolls Royce to get advice from those who take the subway.

Google Books
The Tao of Warren Buffett:
Warren Buffett’s Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management

By Mary Buffett and David Clark
New York, NY: Scribner
2006
Pg. 11:
No. 9
“Wall Street is the only place that people ride to in a Rolls- Royce to get advice from those who take the subway.”

Warren has always thought it strange that highly successful and intelligent businesspeople, who have spent lifetimes making huge sums of money, will take investment advice from stockbrokers too poor to take their own advice. And if their advice is so great, why aren’t they all rich?

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Tuesday, December 28, 2010 • Permalink