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However, Buffetts success is not attributable to his years on Earth alone.
You are not buying a stock, you are buying part ownership in a business.
When Buffett started to think of investing differently, everything else followed.
2. it’s possible for you to understand some businesses but not all businesses.
Buffett emphasizes how crucial it is to comprehend thebusinesses or assetsyou are investing in.
It is difficult to forecast a companys future success if you dont know how it generates revenue.
Never risk permanent loss of capital.
Avoiding permanent capital loss requires avoiding high-risk undertakings that could result in considerable financial loss.
Diversification is protection against ignorance.
One of Buffetts most famous sayings is often quoted by would-be investors, but seldom followed.
5. you could only live life forward.
you could learn a lot from your mistakes, but dont let them hinder your progress and goals.
I dont think about the macro stuff.
What we really want to do is buy businesses that we would be happy to own forever.
If I cant see where they will be 10 years from now, I dont want to buy it.
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