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Table of contents

As a billionaire more than 60 times over, Warren Buffett has a lot of money to leave to his heirs or give to charity. First, Buffett makes the point of saving jobs in his company as long as they are economically viable. The quote below shows this interesting viewpoint:. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect.

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Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable. Warren Buffett would rather keep people employed than close a profitable but underperforming operation. Some very wealthy people have a sense of guilt about their wealth. Warren Buffett does not share this sense of guilt. The way I see it is that my money represents an enormous number of claim checks on society. If I wanted to, I could hire 10, people to do nothing but paint my picture every day for the rest of my life.

And the GDP would go up. But the utility of the product would be zilch, and I would be keeping those 10, people from doing AIDS research, or teaching, or nursing.

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Charity is personal and should be handled personally. Every shareholder has a different idea of how to donate to charity — we all have different causes that are important to us. Buffett is going to donate the vast majority of his wealth to charity. He is going to leave his children something, however.

What the super-rich leave their children is a delicate topic that is very large. Buffett hits on the balancing act between giving children too much money so that they lose motivation, while at the same time being able to finance their ambitions. The financial industry produces a great deal of forecasts.

Economists and financial analysts make a plethora of guesses about company growth rates, country growth rates, margins, and much more. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

Instead of guessing at future growth rates, Buffett looks for great businesses that are trading at fair or better prices now. In fact, these subjects never come up when we make decisions. Investing success comes from a mix of understanding history and understanding the current competitive position of businesses. Wise investors learn from their own past mistakes — and those of others. The biggest one, the biggest category over time, is being reluctant to pay up a little for a business that I knew was really outstanding. The history of a business will tell you more about that business than guesses about the future forecasts.

Unfortunately few investors and people in general learn from their own mistakes or mistakes made throughout history.

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You must also understand valuation and the current competitive advantage of a business. You can put too great an emphasis on history. This is especially true of highly specific not broad-based quantitative models that rely on a great many assumptions to work. Investing should not be overly complicated.

The more assumptions you make, the more likely you are to be wrong. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

Do you picture an army of Ivy League educated MBAs making detailed and rational decisions about what to invest in? There are a lot of extremely intelligent people in the investing industry… But markets as a whole are prone to irrationality. People are greedy and fearful. When easy money is around bull markets , greed pushes people to take greater risks than they otherwise would.

To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible. Bull markets make mediocre investors think and believe they are investing geniuses because of the gains they see in their investment account. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond. You have to do things differently to avoid taking too much risk during market manias. Misery loves company. No one gets blamed for failing when everyone else is. Bubbles typically start with a good reason.

Those who get in early do well. All bubbles burst, eventually. When they do, investors relearn the same lessons over again. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

Being able to maintain an even keel and not overreact to optimism or pessimism is critical for investing success. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd. If you can stick with Pepsi, you should be O. Does this mean you should always do what is opposite of the consensus?

No, you should act irrespective of the consensus. You should be equally comfortable with either situation. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Controlling behavior is a much larger part of investing success than many investors first realize. The 7 tips below from Warren Buffett give us deeper insight into how to think about investing. You cannot become an expert at something without devoting great time to it. Passion is important.

Intensity does not mean trying to profit from the most profitable ideas. Instead, look for investments that are easy to understand — you are less likely to make errors in valuing this type of business. The two Warren Buffett quotes below explain this idea:.

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Keeping with the analogy of investing and games, one should look out for the next great investment opportunity — not obsess over past performance. Of course — you will also have businesses that decline in value during recessions. You should not invest in equities in general if you cannot withstand this volatility. You cannot be successful in your investing career and be constantly swayed by changing opinions of outsiders.


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But I had another great teacher in terms of profession in terms of Ben Graham. I was lucky enough to get the right foundation very early on.

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I just look in the mirror every morning and the mirror always agrees with me. And I go out and do what I believe I should be doing. Who manages the businesses in which you invest is important. Managements change over time. While management is important, investing in excellent businesses is the top priority.

Having a shareholder friendly management team is another important factor, but not the most important.