Why Was He Successful?
When asked why Buffett felt he was such a successful investor throughout the years, he said to Gates that he had simply followed his own rules, which he admits that they are not the simplest to apply, but overall they will prevent people from doing stupid things. Buffett says to Gates that if you have the chance to purchase something – a business, an apartment building, a farm – “of extraordinary value,” then it’s the perfect time to purchase it right then.
Buffett says that you shouldn’t worry if you can get a better price on the deal in the future and that you should just take it while it’s there.
When asked why Buffett felt he was such a successful investor throughout the years, he said to Gates that he had simply followed his own rules, which he admits that they are not the simplest to apply, but overall they will prevent people from doing stupid things. Buffett says to Gates that if you have the chance to purchase something – a business, an apartment building, a farm – “of extraordinary value,” then it’s the perfect time to purchase it right then.
Buffett says that you shouldn’t worry if you can get a better price on the deal in the future and that you should just take it while it’s there.
How Did He Do It?
- Come up with a plan – when investing, it’s important to have a goal for your investment. Invest in value and then learn how to be patient. A famous Warren Buffett quote includes, “the stock market is a device for transferring money from the impatient to the patient.” So stick to the plan after you have done your homework and made your choice.
- Investment value – “Price is what you pay, value is what you get,” said Warren Buffett. Whether making an investment or making any other type of purchase, these words are certainly true. Finding value is an important principle to follow as an investor.
- Read, learn, think – investing in yourself is one of the most important principles that Warren Buffett talks about. Nobody can take away a person’s education. It doesn’t matter what the economic conditions may be, talent is always going to create fantastic returns. The value of an education never deteriorates, which is why you have to develop your skill set. Staying up-to-date is a great way to make smart decisions. And according to Buffett, you’ll never reach success in investing if you are not an independent thinker.
