Danger, Buffett Speaks
It’s a racing certainty that more people have lost money following the wisdom of the Sage of Omaha than following tips from any number of other so-called gurus. Of course, it’s perfectly correct that virtually every pearl of wisdom dripping from the lips of the Chairman of Berkshire Hathaway is worth a thousand utterances from the plethora of mass market media mavens masquerading as psychic predictors of the unforeseeable. Unfortunately there are two sides to every equation and Buffett, hard though he tries, can only be on one of them.
The simplicity of Buffett’s approach and his folksie wisdom belie a tough-minded and intensely focused individual whose career has been marked by a single minded determination to make money. Most people don’t see this, though, what they see are the incredible gains that can be made by actively trading and draw the obvious, but mad, conclusion that what’s good enough for the one person capable of defying the logic of markets is good enough for them. Following Warren Buffett without Warren Buffett’s temperament is a one-way ticket to the poorhouse.
It’s a racing certainty that more people have lost money following the wisdom of the Sage of Omaha than following tips from any number of other so-called gurus. Of course, it’s perfectly correct that virtually every pearl of wisdom dripping from the lips of the Chairman of Berkshire Hathaway is worth a thousand utterances from the plethora of mass market media mavens masquerading as psychic predictors of the unforeseeable. Unfortunately there are two sides to every equation and Buffett, hard though he tries, can only be on one of them.
The simplicity of Buffett’s approach and his folksie wisdom belie a tough-minded and intensely focused individual whose career has been marked by a single minded determination to make money. Most people don’t see this, though, what they see are the incredible gains that can be made by actively trading and draw the obvious, but mad, conclusion that what’s good enough for the one person capable of defying the logic of markets is good enough for them. Following Warren Buffett without Warren Buffett’s temperament is a one-way ticket to the poorhouse.
