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The strategies and techniques of THE investment legend Warren Buffett Wealth follows the world's greatest investor from the beginning of his career, as he takes a 100-dollar investment and turns it into one of the most successful multibillion-dollar companies in the world. By carefully detailing how Buffett began his career and discussing what he learned from Benjamin Graham, this book reveals the true secrets to Buffett's success. Readers will see how Buffett reached the pinnacle of his profession by following certain key principles such as investing in old-style traditional American companies, holding the companies forever, and hiring and keeping the same managers.
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T he story of Warren Buffett's investment success with Berkshire Hathaway illustrates quite definitively the key to creating enormous wealth isn't to constantly try to time the market's peaks and troughs. Instead, to become wealthy, carefully select businesses you'd like to own, invest significant amounts of capital into those companies and then aspire to owning them for a lifetime──or even for several lifetimes if you can. In other words, it comes down to not how much money you have to invest but more how you actually invest what you have. The key investment principles and practical ideas Warren Buffett uses are:
Warren Buffett studies the best in every field of human endeavor. He then takes the principles of excellence gleaned from other sources and grafts them into his own investment philosophy and practices. This, he believes, is one key to outperforming the average investor.
To become the world's foremost investor, Warren Buffett fol-lows some notable yet common-sense practices:
1. Buffett believes the traits which allows anyone to excel in their field are transferable. Therefore, he studies high achievers who have dedicated their entire lives to doing one thing well──like Tiger Woods in golf, Martina Navratilova in tennis, Arnold Schwarzenegger in body building and so on. Warren Buffett studies their successes for clues he can use in becoming the best at creating wealth by investing in other people's businesses.
2. Warren Buffett understands wealth is created and preserved more efficiently by owning a business than by any other means. Accordingly, he takes the earnings from one enterprise and deploys them into more businesses, creating a snow-balling effect which is increasing in momentum over time.
3. Buffett focuses all his personal time and talents on becoming the best at investing other people's money. He has created billions in wealth for himself and his other Berkshire shareholders by investing successfully in other people's businesses, which is impressive and unique.
"Tell me who your heroes are and I will tell you what kind of person you will be. At first, the chains of habit are too light to be felt and then later, too heavy to be broken."
"Warren Buffett hasn't invented anything new and doesn't own any patents. He has never started a business and has never taken the day-to-day management of one. The Oracle of Omaha is so good that he doesn't even need to talk to management, access inside information, or even visit company headquarters of the businesses in which he invests. Assuming, however, that you study, understand, and employ the same Buffett principles, you too can achieve outstanding market-beating results. Knowledge counts more than experience and business contacts."
"Try not to become a man of success, but rather try to become a man of value."
"Growing a small $10 million to $100 million is easier than it will be to increase $100 billion in market capitalization to $1 trillion. This is the most encouraging statistic for those investors willing to spend the time and effort to employ Buffett's methods. The small investor, equipped with the same Buffett principles and strategies, has far more investment opportunities than an investment company worth over $100 billion──even if the world's greatest capital allocator is at the helm."
Take the time to determine what kind of investor you genuinely aspire to be. These decisions will lie at the very heart of your ability to create wealth.
To determine your own investment style, ask yourself:
■ Am I a passive investor（hands-off）or an active investor（hands-on working alongside management）?
■ Am I an investor（long-term owner of a business）or a trader（short-term owner looking for a quick capital gain）?
■ Do I view myself as a stock market speculator or a business owner（concerned with what's going on inside the business）?
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