A Quote by Warren Buffett
There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
What keeps me up at night? Waking up to a scoop at another newspaper or on TV. I'm probably competitive, almost too much so. I will stay up till the Web sites at night roll over. And if they don't roll over, I'll stay up until it's done. I'll wake up at the crack of dawn, or in the middle of the night even, just to go and check and see.
Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U.S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.
The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.
Businesses once grew by one of two ways; grass roots up, or by acquisition... Today businesses grow through alliances - all kinds of dangerous alliances. Joint ventures and customer partnerings which, by the way, very few people understand.
It's tough to go to sleep at night, and I wake up after five hours because I feel like I'm wasting time. I just sit up at night and think about what I can do next.
That's the advantage of insomnia. People who go to be early always complain that the night is too short, but for those of us who stay up all night, it can feel as long as a lifetime. You get a lot done
If this world is wearing thin
And you're thinking of escape
I'll go anywhere with you
Just wrap me up in chains
But if you try to go alone
Don't think I'll understand
Stay with me, stay with me.
If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.
There's a steady forward march of a creative process that some of us stay with and don't give up - that should be an admirable thing - from Louis Armstrong to Charlie Parker to Miles to Ornette and some people who are not even known today - some kids coming up - people who are out to change the world.
I stay up night after night looking at new software, seeing new trends, what music's happening you know you've just got stay constantly connected and that's just something that I do and I think is really important.
If you are a student you should always get a good nights sleep unless you have come to the good part of your book, and then you should stay up all night and let your schoolwork fall by the wayside, a phrase which means 'flunk'.
But when it comes time to decide your fate, they'll sign you on the line right next to Satan. Cause' they don't care about us. They just use us up.
Vaisey said, "Is it because your parents don't understand you?" Charlie said, "No, it's because our parents understand us very well, and that is why they wanted us to go away.
If I go out one night, I must stay in the next. It's the same with my golf. If I play one day, I don't play the next. I try to pace myself.
Although you do look at the big picture, if you're dealing with the now, it can be kind of frustrating. You're losing basketball games, things not going the way you want it to go or should go, but at the same time we've just got to stay with it. Just stay positive, just stay focused, as a team, as a unit, because the ship easily can sink early.
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