Tuesday, December 13, 2005

Differences between Warren and the norm

I'm not saying that every insight that I have is an insight that somebody else could have, but there were all kinds of people that could have understood American Express Company as well as I understood it in ¡®62. They may have been...they may have had a different temperament than I did, so that they were paralyzed by fear, or that they wanted the crowd to be with them, or something like that, but I didn't know anything about credit cards that they didn't know, or about travelers checks. Those are not hard products to understand. But what I did have was an intense interest and I was willing, when I saw something I wanted to do, to do it. And if I couldn't see something to do, to not do anything. By far, the most important quality is not how much IQ you've got. IQ is not the scarce factor. You need a reasonable amount of intelligence, but the temperament is 90% of it.

Excerpt from "Three Lectures by Warren Buffett to Notre Dame Faculty, MBA Students and Undergraduate Students"


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