The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
Interpretation
An investor's success depends more on their emotional stability than their intelligence.
This quote emphasizes that in the world of investing, maintaining a balanced and calm temperament is more crucial than simply having a high intellect. An effective investor must navigate the emotional highs and lows of the market without getting swayed by either the prevailing sentiment or the public opinion, focusing instead on rational decision-making.
In practice
During a finance seminar, when discussing the traits of successful investors.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. _x000D_ You need to fill your mind with various competing thoughts and decide which make sense.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
Oneβs objective should be to get it right, get it quick, get it out and get it over. Your problem wonβt improve with age.
The best way to be original is to be yourself.
There are truths which one can only say after having won the right to say them.
Radical Acceptance: Embracing Your Life with the Heart of a Buddha.
The man was such an intellectual he was of almost no use.
Every desire of your body is holy;_x000D_ _x000D_ Every desire of your body is_x000D_ _x000D_ Holy.
The trite objects of human efforts-possessions, superficial success, luxury-have always seemed contemptible to me.
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