Homepage
PR Newswire
31-05-2013, 08:44 AM
Michael Lewis:-
{Burry did not think investing could be reduced to a formula or learned from any one model. The more he studied Buffett, the less he thought Bufett could be copied; indeed, the lesson was: To succeed in a spectacular fashion you had to be spectacularly unusual. "if you are going to be a great investor, you have to fit the style to who you are," Burry said. "At one point i recognised that Warren Bufett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham, but rather set out on his own path,and ran money his way, by his own rules....i also immediately internalised the idea that no school could teach someone how to be a great investor. If it were true, it'd be the most popular school in the world, with an impossibly high tuition. So it must not be true
[/i]Investing is something you had to learn how to do on your own, in your own peculiar way. Burry had no real money to invest, but he nevertheless dragged his obsession along with him through high school, college and medical school. He'd reached Stanford Hospital without ever taking a class in finance or accounting, let alone working for any Wall Street firm. He had maybe $40,000.0 in cash, against $145,000.0 in student loans. He had spent the previous 4 years working medical student hours. Nevertheless, he had found time to make himself a financial expert of sorts. "Time is a variable continuum,"
he wrote to one of his e-mail friends, one Sunday morning in 1999:
[i]An afternoon can fly by or it can take 5 hours. Like you probably do, i productively fill the gaps that most people leave as dead time. my drive to be productive probably cost me my first marriage and a few days ago almost cost me my fiancee. before i went to college the military had this, "we do more before 9 am than most people do all day" and i used to think and i do more than the military. As you know there are some select people that just find a drive in certain activities that supersedes EVERYTHING else.
NB:
How much are you like him? A little? A lot? No matter. To succeed in investing you must do it your own way. Like what he says and do.
{Burry did not think investing could be reduced to a formula or learned from any one model. The more he studied Buffett, the less he thought Bufett could be copied; indeed, the lesson was: To succeed in a spectacular fashion you had to be spectacularly unusual. "if you are going to be a great investor, you have to fit the style to who you are," Burry said. "At one point i recognised that Warren Bufett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham, but rather set out on his own path,and ran money his way, by his own rules....i also immediately internalised the idea that no school could teach someone how to be a great investor. If it were true, it'd be the most popular school in the world, with an impossibly high tuition. So it must not be true
[/i]Investing is something you had to learn how to do on your own, in your own peculiar way. Burry had no real money to invest, but he nevertheless dragged his obsession along with him through high school, college and medical school. He'd reached Stanford Hospital without ever taking a class in finance or accounting, let alone working for any Wall Street firm. He had maybe $40,000.0 in cash, against $145,000.0 in student loans. He had spent the previous 4 years working medical student hours. Nevertheless, he had found time to make himself a financial expert of sorts. "Time is a variable continuum,"
he wrote to one of his e-mail friends, one Sunday morning in 1999:
[i]An afternoon can fly by or it can take 5 hours. Like you probably do, i productively fill the gaps that most people leave as dead time. my drive to be productive probably cost me my first marriage and a few days ago almost cost me my fiancee. before i went to college the military had this, "we do more before 9 am than most people do all day" and i used to think and i do more than the military. As you know there are some select people that just find a drive in certain activities that supersedes EVERYTHING else.
NB:
How much are you like him? A little? A lot? No matter. To succeed in investing you must do it your own way. Like what he says and do.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
