Warren Buffett. AP ImagesOver the past 25-years, Warren Buffett used the Olympics as a way to present key ideas.Buffett said that investing is like sprinting, diving and high jumping.Buffett stated that Fortune 500 CEOs don't get picked based on merit only like Olympic athletes.Check out more stories from Insider's business page.Warren Buffett could be watching the Olympic Games this week. The billionaire investor and Berkshire Hathaway CEO repeatedly refers to the sport competition over the past 25-years.Buffett used the Olympics to explain why only he invests in things that he understands, how the best deals are often the easiest and why asset valuations can always be relative. The Berkshire chief used the event to show why brands pay so much for sponsorships and to emphasize that not all bosses at America's largest companies are chosen solely on merit.These are Buffett's top 7 quotes about the Olympics. They have been lightly edited and condensed to make them more clear.1. "The Olympics are a great event. They are more fun if there are more people involved. They contribute to a better world in the long-term. (2008 Berkshire annual shareholder meeting)2. If you are going to the Olympics and you can run the 100m fast enough, you don’t need to throw the shotput. If you can run the 100m fast enough, you can still throw the shot put. We try to keep within our own circle of competence." (2006)3. This is not Olympic diving, where there is a 'degree difficulty' factor. The payoff for a difficult dive is higher if it's done well than if it's a simple one. This is not true for investments. As long as the dive is done correctly, you get just as much for the simplest dives. There's no reason for you to do three-and-a half dives, when you can get paid the same amount for simply diving from the side of the pool into the water and getting in cleanly. (1998)4. We look for 1-foot bars to stomp over rather than 7-foot and 8-foot bars to set an Olympic record by jumping. It's also very pleasant, as you get just as much for the 1-foot bars. (1998)5. "Interest rates are to assets what gravity is for matter. This incredible decrease in the short-term Treasury bills has been a yardstick by which all other values can be measured. I would be jumping at the Tokyo Olympics if gravity's pull could be reduced by around 80%. (2021).6. 6. The American Olympic team is renowned for its uniformity and high quality in all sports. This is not what you get in American top management. Some people are very talented, and some people are great, such as Bill Gates. You also get a lot mediocrity." (1996)7. "If you think about it, both of the major colas that will be sold and associated, for example, with the Olympics or Disney World are going to lose a lot money. However, that association can last for years. Coke wants people to feel happy and that is what they are striving for. It tends to be sporting events, it's the Disneylands in the world. (2002)
