“What I need are facts, not stimulation” said Buffett when he was asked why he doesn’t work near Wall Street.
That’s just perfect. Because we’re in no shortage of stimulation right now—not at all. Stimulation but no substance.
More:
Warren doesn’t “just make decisions.” He waits till he feels the timing is right. Which means he might wait for two years!
Reminds me of this Shaolin Martial Arts secrets book I have. One of the exercises says something like, after 1 year of daily practice you will bear the fruits of the exercise.
One year!
Daily practice!
The interviewer asked Warren about this idea waiting to invest: Isn’t that boring? Warren admitted it was…but it was like, uh, dude, it’s boring but LOOK…LOOK—it’s working!
The thing with Warren is that he identified his strengths and he focuses on them when he invests. He keeps things simple. He limits his desires. He’s practical.
And…
He’s patient!
Listening to him exposes a lot of my personal flaws. But you know what? I’m better than I was last year.
So as I write this up and prepare to press send, take Warren’s advice to heart… Don’t strive for the big bang change approach. Just make slow but steady, simple and fundamental changes that over time accrue just like the wildest compound interest of our billionaire investor friend.
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