Wednesday, December 28, 2005

Warren Buffett on Avoiding human misjudgment

- WB said repeatedly that it doesn't take above a 125 IQ to do thisĀ”­in fact, IQ over this amount is pretty much wasted. It's not really about IQ.

- Staying within circle of competence is paramount

- When you are within the circle, keep these things in mind:
  • Don't get in a hurry
  • You are better off not talking to others
  • Just keep looking until you find something (don't give up)
  • Good ideas come in clumps - by time, by sector, by asset class

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