Buffett has said that his great success comes not because he has a talent for interpreting financial statements or identifying competitive advantages, nor because he can meet with management teams.
Rather, he claims the key to turning $10,000 into $50 billion, as he has done in
his investment career, has been managing his emotions !!
I have many times insisted on this blog that stock market investing has little to do with analytical skills but lots to do with guts !
i disagree....
his success stems from the fact that, notwithstanding all the fads, noise and short term trends, he INTELLECTUALLY stuck to a blend of investment philosophies he had embraced studying with Ben Graham and subsequently refined in his late 20s. In fact, we have no idea whether or not he is the greatest investor, he is just the only one who tried this over 50 years. So i would rather view his success as managing emotions to stick to an analytical process....but not going with the guts. Just personal analysis....
Posted by: sebastien (ny) | May 23, 2008 at 01:58 AM
Why not !
Still, that's how Buffet explains his success, so it must have some truth in it !
Posted by: Michel de Guilhermier | May 23, 2008 at 09:16 PM