On smart investing: 1CInvesting is often described as the process of laying out money now in the expectation of receiving more money in the future. At Berkshire we take a more demanding approach, defining investing as the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power 14 after taxes have been paid on nominal gains 13 in the future. More succinctly, investing is forgoing consumption now in order to have the ability to consume more at a later date. 1D
sorry for 1d and other, it is for the character of the text.
I always liked something William O’Neil of Investors Business Daily once said:
"There are two ways to make big money in investing. One is in real estate. Buy the right property for the right price in the right location and then wait ten years to see if you are right. And the other is in the stock market. Buy the right stock at the right time for the right price and then wait ten minutes to see you are right."
Could call these the tortoise and the hare schools of investing?
sure Micheal… but 10 minutes is just enough time to wait to see what other people think about that stock and it is not enough to see how much it really is worth that stock…