The man who beat the market for 60 years
Warren Buffett was born in 1930 in Omaha, Nebraska. He bought his first stock at age 11 and has since built Berkshire Hathaway into one of the world largest companies.
"Wisdom is not rare — it is rare that people are willing to act on the wisdom they already have."— Florence Scovel Shinn
Advice 1 — Only invest in what you understand
Buffett quote: "Risk comes from not knowing what you are doing."
Advice 2 — Think long-term. Very long-term.
Buffett quote: "The stock market is a device for transferring money from the impatient to the patient."
Advice 3 — Be greedy when others are fearful
Buffett quote: "Be fearful when others are greedy, and greedy when others are fearful."
Advice 4 — For most people index funds are best
Buffett quote: "A low-cost index fund is the most sensible equity investment for the great majority of investors."
The most important advice
Start early. Invest regularly. Think long-term. Do not panic.
That is the whole secret. The rest is details.
"Wealth is not a goal — it is a result of living in accordance with your values and your vision."— Florence Scovel Shinn