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How much luck do you need to be a successful investor?
01-05-2014, 11:24 PM.
Post: #11
RE: How much luck do you need to be a successful investor?
WB did not do well when he started investing. He was lucky to have met Ben Graham who agree to mentor him. And he was even luckier to have met Charlie who shared with him to focus on growth stocks.

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02-05-2014, 06:03 AM.
Post: #12
RE: How much luck do you need to be a successful investor?
i think he also said something like if he was born in some ulu backward place, that's it.
If only you were born a prince of "Royal Blood" or Superman Li's sons, is it going to make a lot of difference?
But what's happiness for you and me?
=========== Signature ===========
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.

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02-05-2014, 08:04 AM.
Post: #13
How much luck do you need to be a successful investor?
(02-05-2014, 06:03 AM)Temperament Wrote: i think he also said something like if he was born in some ulu backward place?
But what's happiness for you and me?
T,
1. WB born in ulu place?
He will be eaten alive. Smile

2. Happiness for you and me?
施比受更为有福

Do the right things, and
Do things right.

Heart Love Compassion



A Life not Reflected is a Life not Worth Living.
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感恩 26 April 2019 Straco AGM ppt  https://valuebuddies.com/thread-2915-pos...#pid152450

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02-05-2014, 12:26 PM. (This post was last modified: 02-05-2014, 12:41 PM by specuvestor.)
Post: #14
RE: How much luck do you need to be a successful investor?
Buffett calls it the ovarian lottery:
"Imagine there are two identical twins in the womb, both equally bright and energetic. And the genie says to them, “One of you is going to be born in the United States, and one of you is going to be born in Bangladesh. And if you wind up in Bangladesh, you will pay no taxes. What percentage of your income would you bid to be the one that is born in the United States?” It says something about the fact that society has something to do with your fate and not just your innate qualities. The people who say, “I did it all myself,” and think of themselves as Horatio Alger – believe me, they’d bid more to be in the United States than in Bangladesh. "

IMHO being mainly a centrist person it is natural that I believe it is half "luck" half skill. Like the ovarian lottery, you must be born right place right time. If we are born in other countries we could have been construction workers or maids, instead of discussing how to invest. It has nothing to do with abilities when you are not given the opportunity.

But on the other hand, Singaporeans with wealth of resources and opportunities may not be able to Carpe Diem. Without the enthusiasm or skills, opportunities are useless as well.
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Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)

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02-05-2014, 02:30 PM.
Post: #15
RE: How much luck do you need to be a successful investor?
(02-05-2014, 12:26 PM)specuvestor Wrote: Buffett calls it the ovarian lottery

Thanks specuvestor.
You're right.
hear directly from the man himself:

It started with WB saying:
"I'm extra-ordinary Lucky."

Watch somewhere in the middle, WB repeatedly says, I'm lucky, lucky with my parents, I'm extremely lucky. etc

Have a laugh! Smile

Heart Love Compassion
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2013-06-16

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