Learn to invest with Buffett

Chapter 9

Chapter 1 Section 8 treats investment as a way of life

Me and my partner Charlie, one of them is 84 years old and the other is 77 years old.We are all very lucky because we have achieved our dreams.We were both born in the United States to great parents who gave us a good education, happy families, and good health.There are many people in society who contribute as much or more than us, but we may have some "commercial genes", so we get huge wealth that is not proportional to our contribution.

Plus, we've always loved what we do, and we've been helped by a lot of talented and passionate people.We work every day with dance steps and passion.But for us, there is nothing more interesting than attending Berkshire's annual meeting with shareholders.

--Warren Buffett
From the above, it can be seen that Buffett is satisfied with his own life and loves his work.One of Buffett's employees once said: "Buffett is thinking about Berkshire 24 hours a day." Indeed, for Buffett, investing is a way of life.

One evening, Buffett and his wife, Susan, were invited to a friend's house for dinner.After dinner, their friends set up a slide projector to show them pictures of the pyramids.That's when Buffett said, "I have a better idea. How about you post a picture of Susan and I read an annual report in your bedroom?"

Reading annual reports is not only Buffett's hobby, but also his favorite leisure activity. "He has a hobby that makes him money," says Ralph Rigby, a textile salesman at Berkshire. "Reading annual reports is a kind of relaxation for him." Relaxation itself is Buffett's investment style. .The only time he might feel the pressure is when the market is ridiculously low and he has more good investment ideas than money.

The typical life style of a trader is the exact opposite of this.An extreme trader might have tickers all over his home—even in his bedroom and bathroom—so he could check prices at any time of the day or night, no matter what he was doing.Michael Marcus described his time trading a lot of currencies this way: "It was exhausting because it was a 24-hour market. After I went to bed, I had to wake up every two hours to check prices. Every I had to listen to quotes after the major trading centers opened - Hong Kong, Zurich and London. It ruined my marriage."

Sleepless nights and ruined weekends are inevitable if you want to trade currencies.You have to be on your toes, like Buffett on a Sunday in September 1985 when he heard that the Plaza Accord was going to devalue the dollar.When he got wind of it, he called Tokyo that night from New York on Monday morning and dumped as many dollars as he could.

One of the reasons why Buffett is so successful is that he regards investment as a kind of life and stays with him 24 hours a day. Investment is everything to him, not just his career.So, he thinks about investing all the time—even dreams about investing.

When investment guru Peter Lynch was vacationing in Ireland in 1987, he thought about the Dow Jones Index instead of Bramin Castle, even when he kissed that stone wall.

Investment motto:

In fact, no one has become a Wimbledon champion or an opera singer on par with Pavarotti by practicing tennis or singing in his spare time.General investors can also make considerable profits, even if investing is not his full-time job, but he must do his best for his investment goals like an investment master.

If you want to invest successfully, the best way is to integrate it into your life and make investment a way of life.

(End of this chapter)