Unconventional investment tips from Warren Buffett

Warren Buffett is the most successful investor of the 20th century and consistently ranked among the world’s wealthiest people. But you may be surprised to learn about some of his more unorthodox—if not downright kooky—investing advice.

Prophesize your own wealth

For Buffett, the power of positive thinking should never be overlooked. “I always knew I was going to be rich,” he once said. “I don’t think I ever doubted it for a minute.”

Don’t be frugal, be cheap

Don’t expect to see Buffett sporting the latest smartphone technology. The billionaire still proudly uses a prehistoric Nokia flip cell phone. “This is the one Alexander Graham Bell gave me,” joked Buffett on the Piers Morgan Show. “I don’t throw anything away until I’ve had it 20 or 25 years.”

Fixate on bathtubs

Journalists have long been aware of Buffett’s preoccupation with bath time—as evidenced in 2008, after he made a $5 billion investment in Goldman Sachs at the height of the financial crisis. “Unfortunately, the economy is a little like a bathtub,” he told the New York Times. “You can’t have cold water in the front and hot water in the back. And what was happening on Wall Street was going to immerse that bathtub very, very quickly in terms of business.” Later in 2011 when Buffett announced he was investing $5 billion in the beleaguered Bank of America, he told CNBC shortly afterward that he dreamed up the idea in the tub.

Avoid the rich

It’s a well-known fact that Buffett deliberately eschews going to high society functions. When he’s got some downtime, he’d rather be home eating popcorn and watching TV.