1949 Warren Buffet was 19 years old and got this book right here, and it changed his investment habits. Fast forward to 2021 and Warren Buffet is worth 99.8 Billion Dollars at age 90 years old.
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1. You can fake being an investor but you can't fake being a mechanic
- Honestly, the problem with investing is that in someway its turn into a game of chance, kinda like gambling
- Where anyone can make a video about it, where your Barber has a stock tip to give
- However, it's easy to know who the real investors are, tell them to tell you about their losses and their track record ( that’s going to reveal everything )
The Mechanic:
- You can Fake being a Machanic, think about it, if I bring my Car, and you don’t know how to fix it, you can't fake that
- But in the stock market everyone can invest and anyone can act like their an expert
- And so did I when I was 19 and just read this book, and I made some money and I thought I was genius
However: Real investing is a full-time job, Peter Lynch and Warren Buffet will both tell you that. It takes hours of work each day and sometimes it's just best to just invest into index funds and get the average if you don’t want to do it.
2. Finding Good investing is like Looking for Diamonds in a River
- It's very hard that’s the point, and Volume is not the Key, and doing what everyone else is doing is not the key either
- The only key is going to through every grain of sand in your area of expertise and looking for those diamonds
What I mean in this:
- If your expertise is going to be Retail, Banking, Technology or Cars
- These are different industries with different ways to value their business and understand them ( and obviously you cant be an expert at every single one )
- So the idea is to pick an area and become an expert and buy businesses for fair Prices
3. Common Sense is not Common
- Should you buy things that over price
- Should you follow people down Hill
- Should you ask for advice on investing
- Should you buy a dying business
- Should you buy a business with stupid managers
- Should you buy a business that doesn’t know how to reinvest money back into better things
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.