Great Investors Friday, May 30, 2008
Posted by ei-forum in Investing.trackback
We recently came across this thought provoking speech to a group of Harvard MBAs by Mark Sellers titled – So You Want To Be The Next Warren Buffett? Hows Your Writing?
You can find the link to the whole paper after this excerpt:
‘”One thing I will tell you right off the bat: Im not here to teach you how to be a great investor. On the contrary, I’m here to tell you why very few of you can ever hope to achieve this status… If you spend enough time studying investors like Charlie Munger, Warren Buffett, Bruce Berkowitz, Bill Miller, Eddie Lampert, Bill Ackman, and people who have been similarly successful in the investment world, you will understand what I mean.
…
The way I see it, there are at least seven traits great investors share that are true sources of advantage because they cant be learned once a person reaches adulthood. In fact, some of them cant be learned at all; youre either born with them or you aren’t.”
Link to PDF file: here.
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Basically the seven traits are God-given common-sense investing. It’s not as easy as it sounds. People by definition are insecure. And that goes more so when your bonus is based on your quarterly increases or decreases. When the investor community ranks you based on your daily earnings – you’ve now left the greatness of Buffet and the like and fallen into the folds of normalcy.
The best thing to do is invest your own money using your own theories, ignore everyone else because you KNOW what you did was right. As you earn money, spread the word and invest your friends’ cash. Pretty soon you’ll be a billionaire (some detail is left out intentionally).