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Munger: The other big secret is that we're good at lifelong learning. Warren is better in his seventies and eighties, in many ways, than he was when he was younger. If you keep learning all the time, you have a wonderful advantage.
Specuvestor: Asset - Business - Structure.
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01-11-2013, 09:05 PM
Munger:
I don’t have too much interest in teaching other people how to get rich.
And that isn’t because I fear the competition or anything like that --
Warren has always been very open about what he’s learned, and I share that ethos.
I wanted to get rich so I could be independent, and so I could do other things like give talks on the intersection of psychology and economics. I didn’t want to turn it into a total obsession.
Live with Passion, Lead with Compassion
2013-06-16
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Buffett: Temperament is more important than IQ. You need reasonable intelligence, but you absolutely have to have the right temperament. Otherwise, something will snap you.
I personally think this is the real reason for their success. They found a strategy suitable for their temperament.
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sorry, just wanted to add that I sync with Munger's reason to get rich aka to be independent so that I can do what I wanted to do....
Be happy always ?
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Are 'chialc' and 'chialc88' the same person?
My Dividend Investing Blog
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Ha Ha,
I thought nobody notice!!!
Yes, we are the same person....
(not due to split personality but i have a memory constraints)
A Life not Reflected is a Life not Worth Living.
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its better to pay a fair price for a good business
than a good price for a fair business
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(01-11-2013, 09:13 PM)Clement Wrote: Buffett: Temperament is more important than IQ. You need reasonable intelligence, but you absolutely have to have the right temperament. Otherwise, something will snap you.
I personally think this is the real reason for their success. They found a strategy suitable for their temperament.
i can't agreed more.
i have only average to below average IQ.
When i started to invest i had not read WB's quotation about IQ & EQ(temperament).
After said that, i know a few accountants (distance relatives) who doesn't have the EQ to do investment.
So there!
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.
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'Kan Cheong' spiders confirmed not suitable for capital gains type of investment. REITs & div stocks still can coz
perceived stability gives sense of security. Until volatility hits.
I also feel that 'penny-pinching' people (5 cents coin bigger than bulllock cart wheel type) not suitable coz they likely to quantify losses
in terms on 'dollars & sense'.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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