The Snowball Warren Buffett and the Business of Life – Alice Schroeder
Buffett is, of course, more intelligent, more intelligent than many other smart people in knowing where he is, what he wants, the reason for his work and the way he goes.
The period of the 1990s internet stock movement in the United States, like we did in 2006-2007, just “selling is losing, buying is winning” … He himself does not join technology / internet stocks, the reason is he has not yet understand how to create value / profit of these companies.
While investors around the year – multiply ten assets by week, by month, Berkshire’s stock value dropped by 30% … for a long time 5-7 years he was mocked, made antics, people say the investment genius Buffet is completely sacred. He ruled, still steadily “cycling”, “cycling”. Until technology stocks bubble burst in 2001.
Buffett thinks jealousy, and social pressure is an enemy that needs to be controlled. To live happily, there should be independence in thinking, perspective, lifestyle, choice, and the path we have chosen.
People like me “lost drift in the middle of life”, swept away by greed and fear: seeing the price rise, then the people rushed to invest, reduce and step on each other running … and both jealousy and pressure inferior to friends, colleagues, society.
There are many good and detailed books about Buffet’s investment method, he himself is very open to sharing secrets / experience in nearly 70 years of his career; Stocks he owns can be bought. Yet very few people later succeeded, even if only 1/10, 1/100 of Buffett. Maybe he said no one listened, or heard but could not do it … and then still drifted, still jealous, still greedy and afraid to lead.
It is also possible that the crowd is “irreparable” so people like Buffett can maintain their advantage with the majority, and continue to win.
The development trend of science, especially in the field of “artificial intelligence” (artificial intelligence) with the ability to handle large data (big data) makes many people believe that the future of computers and algorithms use in investment will defeat “philosophers” like Warren Buffett.
Miles Johnson quotes people who concurrently with Buffett, Carl Icahn: “Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity ”. So is Warren Buffett.
P / S: Buffett later had a technology stock investment, first IBM (in 2011, nearly 20 years after he said he did not understand this level), and later Apple (2016).