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i also feel people with "pure" casino mentality is not suitable too.

One of my favourite Warren Buffett's quotes.

"If you don't feel comfortable owning something for 10 years, don't even own it for 10 minutes."

(01-11-2013, 09:05 PM)chialc Wrote: [ -> ]Munger:
Warren has always been very open about what he’s learned, and I share that ethos.

(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.

Most people have no idea how open Buffett had been with his thoughts and strategies... seriously the guy no holds barred and we all know he is extremely talkative if you let him The corollary means you can find a lot of wisdom and gems in his sayings if you care to listen closely.

Hence why people cannot pass the "buffett exam" despite an open book is simply temperament and patience. The guy simply just focus at doubling his money in 10 years.... not rocket science but not sexy either to be able to chat about it everyday. Obviously he has done better than doubling and has been doing that exponentially for 6 rounds.

Three Generations of Buffett: