THE SNOWBALL: Warren Buffett and the Business of Life

[Trader666]

You're starting off on the wrong foot with that attitude.

Quote from college_trad3r:

Buffett made both the right decisions by being very risk averse, and also got very lucky.

http://en.wikipedia.org/wiki/Kondratieff_wave

He bought stocks in the 30 year upswing since 1970, and he bought the RIGHT stocks, that didn't go bankrupt.

 

[Anaconda]

Quote from Thunderdog:

He does not deny the luck that he has enjoyed. If anything, he tends to publicly downplay his acumen and uncanny foresight. However, there is no denying that he alone was that "lucky" in his sphere of competence for that length of time. Of course he had a good dollop of luck and has made his share of mistakes. But, over the long haul, he did better than any other participant who had equal or better opportunity.

Just like Bill Gates has said in a detailed interview> The first key of his success was luck, being at the right place at the right time. However, he was not the only one and not everyone who was in the same position succeeded. There is a level of intelligence, vision & drive required.

The cards to do have to line up right but some of them require the person's effort.

 

[FerdinandAlx]

People are definitely being generous with the word 'luck' here. Warren Buffett's "luck" consists of identifying the right investment principles (Graham's) and modifying them to include the value of great management and other intangible assets.