I have always thought that the key to getting ahead was being busy and working hard. But I have finally come to the realization that hard work does not always equal success.
If hard work and intellect only get you so far, then what will make you a successful investor? The answer is: temperament.
Warren Buffet said there is a correlation between approach, temperament and success. Money can be made in the stock market if an investor:
1. Is not tempted to invest everyday…great investors pick their spots and don’t invest every day the stock market is open. The key is to invest only when the odds of success are greatly in your favor.
2. Has an even temperament…don’t get overly excited when markets go your way, and don’t be depressed when they go against you. Once you do your research and make a purchase based on your analysis, let the facts prove you right, not the daily gyrations of the stock market.
3. Is disciplined…stick to an approach that is based on sound logic and has withstood the test of time. Ben Graham said that every investor “should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money’s worth for his purchase.”
I would say that these three things are worth noting if you are an investor since Warren Buffet is currently worth $44 billion.
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