Success in investing doesn’t correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
Interpretation
Success in investing relies more on temperament than on intelligence.
Warren Buffett emphasizes that in investing, having a high intelligence quotient (I.Q.) is not as crucial as having the right temperament. Once a person possesses a basic level of intelligence, it becomes essential to manage emotions and impulses, as these are the traits that often lead others to make poor investment decisions.
In practice
In a financial seminar to emphasize the importance of emotional control.
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.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
My ultimate goal is for that next generation coming up, who didn't see me play, go, 'Oh, he used to play football?'
It takes a lot of discipline to become and stay champion. It also takes a lot of discipline to stop while still feeling that you're in the best physical and mental shape of your life, but I've always planned to leave the sport when I'm at the top and in good health.
When you achieve your Dreams It's not so much what you get, It's who you become.
Losing feels worse than winning feels good.
Let the path be open to talent.
Whatever you got you have to accentuate. I ran my female card up and down the ladder my whole career, because I was in a man's world. It was worked by women but owned by men. I was the only female owner in my field at that time.
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