Monday, December 12, 2005

Learning to be a Good Investor

When I was seven years old, I first took an interest in stocks. My dad was in the business, so I'd go with him to the office and I saw interesting things. [When I was a little older,] I went to the library and read every book on markets and investing.

When I was 11, I bought my first stock - three shares. I was following charts. When I was 19, I read The Intelligent Investor and it changed my whole framework.

My advice is to read a lot. There are no secrets in the business that only the priesthood knows. It's all right there.

It requires qualities of temperament way more than qualities of intellect.

Once you have a 125 IQ, much more doesn't matter. Look for opportunities that fit your framework. Try to learn every day, but you can't act every day. It's important to enjoy the game, just as it is to enjoy bridge or baseball [if you're going to play those games seriously].


Excerpt from "2005 Berkshire Hathaway Annual Meeting"

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