2008? Let Us Dream of Much Success!
And learn from those who’ve been there…
People such as Warren Buffett, who ought to be of interest considering his staggering level of success. I’m surely intrigued by his thoughts and others’ thoughts about him. These are only a few yet I already wonder how they might be applied to what we do…
A Deal Maker With a Hot Hand Opens His Wallet
“We had no compulsion at the start of the year to do anything,” Mr. Buffett said. “On the other hand, there was no limit to what we could do.”
Imagine sitting back so relaxed you feel no compulsion to have to do anything? Because backing you up is the ability to not be limited in anything you choose to do?
“Thousands of investors on and off Wall Street study what Mr. Buffett does. It’s no wonder: Over the past four decades he has built Berkshire Hathaway (the holding company that Mr. Buffett runs out of Omaha) into a $216 billion company with businesses ranging from insurance and corporate jets to ice cream, underwear and Coca-Cola. During that time, his company’s book value has soared by more than 360,000 percent.”
Four decades? Patience, persistence, work ethic, never say die (attitude), good fortune, insight and instinct.
“Credibility is really your stock in trade in this business,” said Jeffrey Houston, a vice president and senior portfolio manager at American Century Investments, a mutual fund company in Mountain View, Calif.
Let’s see… soooo… don’t be a schmuck and lie to yourself or your people?
Mr. Buffett warned on Friday that the crisis that began in the market for housing debt shows few signs of abating. He added that he had decided to establish his own bond insurance company, rather than purchase one, to avoid “buying into anybody else’s trouble.”
Actually, this is an oldie I recognize which, unfortunately, has seemingly been abandoned (bad decision) by most! Don’t throw good money after bad.
“The strength of Buffett was never in making macro bets,” like the call against the dollar, Mr. Hagstrom said, but in understanding that investing is a matter of “businesses and people and customers, not stock prices and symbols.”
How simple is that? And, really, how many are paying mind to this principle or, more likely, not paying mind to it!
Have a magnificent 2008!
Tags: investments, persistence, warren_buffett, work_ethicRelated Stories
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Jan 1, 2008 at 3:32 pm
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