Don't rely too much on experts; think for yourself and be convinced.
Patience and composure are essential for successful investing.
You can't succeed in investing by doing the same things as everyone else.
The cause of failure is the investor's own problem.
Starting as soon as possible is the key to success.

When talking about Warren Buffett, the first thing that comes to mind is the money he has made and his massive fortune, estimated at $100 billion.
The fact that he was able to earn that much money through investment alone is impressive, but the author, who has studied Warren Buffett for many years, personally feels that it has made us realize that we should prioritize 'value' over 'price'.
If you are interested in stock investment but have little experience, it would be good to learn about Warren Buffett, who is introduced in this book.
Warren Buffett is known in the investment industry as "the world's greatest investor" and "the Oracle of Omaha." This is because he has never suffered a major loss while investing throughout his life since buying his first stock in 1941, when he was 11 years old, and his reputation has only grown higher as he has gotten older.
There are many famous investors in the investment industry, but none have been called a "wise man" other than Warren Buffett.
Of course, Warren Buffett wasn't a 'wise man' from the beginning.
At first, Omaha, Nebraska, a rural investor in the American Midwest, was just a successful investor, but he gradually began to make his mark in the financial world.
He rose to fame in the 2000s by serving as a major shareholder of the Washington Post, as interim chairman of Goldman Sachs, and as a financial advisor to Hollywood actor Arnold Schwarzenegger, who ran for governor of California in 2003, and by making large donations to the Bill & Melinda Gates Foundation.

As his fame grew, interest in Warren Buffett also began to increase.
Berkshire Hathaway's annual shareholders' meeting in Omaha attracts shareholders from around the world to hear from Warren Buffett.
Also, when Warren Buffett writes or says something, not only investors and financial professionals, but also the general public takes notice.
Why are so many people interested in Warren Buffett?
Most of Warren Buffett's words and actions were learned through his long-term investment activities.
However, this does not mean that the saying applies only to those engaged in investment activities.
Warren Buffett's words not only contain helpful lessons for investors, but also served as a great support for the founders of Amazon and Google as they navigated crises and led their businesses.
And it also serves as a guide for young students on how to live their future lives.
That's why so many people around the world listen to Warren Buffett.
Warren Buffett's words teach us about investment values ​​and sound financial thinking, and his actions serve as a guide for how we should live.
As a result, you will be able to live a more enriched life not only financially and socially, but also mentally.

Warren Buffett's famous quote

?Investing is postponing consumption.
If you pay now, you will get a lot more money back later.
There are only two really important issues.
One is how much it will return, and the other is when it will return.
Do what you love and work alongside the people you most respect.
Then you can get the best opportunity in life.
Warren Buffett started rolling small snowballs when he was young.
If I had started ten years later, I would be somewhere along the mountain ridge now.
That's why Warren Buffett always advises his students to take the lead.

While some aim for financial independence and early retirement, some also enjoy the "rich lifestyle."
Elon Musk, who founded SpaceX and other companies with a huge amount of his own money to 'save the world', said that in order to avoid turning into a devil in the pursuit of money, it is important to 'be clear about the purpose of where you spend your money'.
Warren Buffett started small businesses and investments with the hope of becoming rich from a young age, but the reason was 'self-reliance'.
He said this:
“You can become self-sufficient through that (small business and investment).
You can do whatever you want in life.
And it's best to work for yourself.
I don't want to be told what to do by others.
“I thought it was important to do what you wanted to do every day.” Warren Buffett sometimes asked his students this question.
“You don’t want to work just for the money, do you?” “You don’t want to do something you hate, do you?” “You want to feel excited when you leave the house every morning, do you?” Warren Buffett’s outlook on life is revealed in these questions.
Warren Buffett devotes all his energy to 'making money', but he has little interest in using the money he earns for himself, and he does not make money his only goal.
--- p.20

A stockbroker's main job is to earn commissions by trading stocks, but Warren Buffett recommended GEICO stocks, which he was obsessed with at the time, to his clients, and advised them, "The best thing to do is to hold on to them for 20 years without selling them."
This is a huge contradiction.
Buffett said he felt like a pharmacist and confided his concerns:
“You get paid according to the amount of medicine you sell.
Depending on the medicine, there are some that pay more.
But would any patient want to go to a doctor whose fee is determined by the amount of medicine he sells?” Warren Buffett said of the way brokerage firms recommend stocks with high turnover, using terms like “marketability” and “liquidity.”
“Investors must understand that just because the owner of a gambling establishment likes it, it doesn’t mean it’s good for the customers.
“The less someone can make your wallet fat, the more confident they will be in trying to inject something into you.” Although it is a somewhat harsh criticism, it can be said that the words reflect the bitter experience of being a stockbroker at the time.
--- p.38

Warren Buffett put it bluntly about his investment principles:
“Stock investing is simple and clear.
We discover outstanding companies led by honest and capable management and purchase their stocks at a price lower than their intrinsic value.
And you can hold it forever,” said Benjamin Graham, Warren Buffett’s mentor.
“Investors should hold onto their investments for about a year without thinking about it.” He recommended holding onto them for as long a period as possible rather than trading them in the short term.
However, in this respect, Buffett inherited the values ​​of another mentor, Philip Fisher, rather than Graham.
Philip Fisher said:
“Instead of making a fuss with the idea of ​​buying low and selling high, it is actually much more profitable for many people to find a truly excellent company and continue to hold its stock no matter how extreme the market fluctuations are.” If you have decided to hold stocks for the long term, you should naturally not be obsessed with the daily fluctuations of stock prices.
Rather, Warren Buffett believed that no matter how much the stock price fluctuated today, one should take the attitude of "it doesn't matter."
--- p.52

Although the company was on the verge of bankruptcy, the stock price was much lower than the corporate value, so he thought, 'I should buy it anyway since it's cheap.'
Afterwards, Warren Buffett made various efforts to rebuild the company, including injecting capital several times, but in 1985, 20 years later, he finally folded the textile division, laid off 400 workers, and sold all of the machinery and equipment for $160,000.
And Berkshire Hathaway continued to grow by changing its business to an investment company, and Warren Buffett recalled it as follows:
“If I hadn’t heard the name Berkshire Hathaway back then, I would be richer by now.” After this bitter experience, Buffett abandoned the “bargain” and “cigarette butt” methods of investing in companies with extremely low stock prices relative to their assets, and began to value companies with excellent business performance and excellent management, even if their stock prices were high relative to their assets.
In particular, attention was paid to ‘outstanding business potential.’
Warren Buffett said this:
“Even a skilled rider can win if he rides a fine horse, but he cannot win if he rides a horse with a broken bone.” Even if you have an excellent manager, it is difficult to rebuild a company if the business is not going well.
The secret to reducing risk and making a successful investment is to check whether the business is 'good'.
--- p.66

I said that risk can be reduced by following a few principles, but that doesn't mean there haven't been failures in the past.
There have been several failures, including the acquisition of Berkshire Hathaway, and there have also been instances of missed purchase timing, such as not investing in Fannie Mae (the Federal Housing Mortgage Corporation) and Walmart.
However, Warren Buffett believes that it is impossible to avoid making mistakes in investment judgments, and he said the following:
“It is natural for humans to fail, so there is no need to fret and groan.
Because it doesn't mean anything anyway.
Tomorrow will come, so you have to be positive and think about what to do next.” Anyone can't help but feel discouraged when they fail.
But why did Buffett say we should think positively?
When Warren Buffett makes investments, he doesn't let other people's opinions influence him. He researches and thinks for himself, and only then makes a decision based on his own convictions.
He said this:
--- p.86

Rather than increasing risk by investing in difficult businesses, you should invest in simple businesses that you know and understand well.
But investing isn't a competition like baseball, where you don't need to churn out hits or aim for long hits to become the home run king.
When you stand at the plate, you just have to swing the bat when the ball you're aiming for comes your way.
Walter Schloss, a friend of Warren Buffett, dug up the necessary indicators in books and looked through annual reports, believing, "If I can buy a business worth $1 for 40 cents, something good might happen to me," and diversified his investments across more than 100 stocks.
Schloss faithfully repeated this method and succeeded in achieving excellent operating results.
Buffett praised Schloss, saying, “We should all emulate Walter’s management style.”

--- p.126