Key Takeaways Warren Buffett said, “What the wise do in the beginning, fools do in the end." With this quote, he was implying that wise people pounce early and that the fools follow the crowd and arrive when it’s too late to benefit. That approach has gained traction with social media and cheap trading apps and contrasts with Buffett’s long-term value investing philosophy. The Meaning Behind the QuoteWith this phrase, Buffett is essentially saying that the wise act early and the fools act late. Examples from Wall Street HistoryBuffett’s wise and fool observation plays out every day in investment markets.