5 Lessons From Richer, Wiser, Happier By William Green
1. COPY THE BEST IDEAS
A wise man ought always to follow the paths beaten by great men, and to imitate those who have been supreme, so that if his ability does not equal theirs, at least it will savor of it.
—Niccolò Machiavelli
2. READ
When Pabrai discovers a subject that fascinates him, he attacks it with obsessive fervor. In Buffett’s case, the available resources seemed limitless, including decades of letters to Berkshire’s shareholders and seminal books such as Roger Lowenstein’s Buffett: The Making of an American Capitalist. Pabrai devoured it all. He also began to make a pilgrimage each year to Omaha for Berkshire’s annual meeting, showing up without fail for more than twenty years.
Eventually, Pabrai would develop a personal relationship with Buffett. Through Buffett, he’d also become friends with Munger, who invites him for meals at his home in Los Angeles and games of bridge at his club. But in those early days, Pabrai’s knowledge came entirely from reading. And the more he read, the more convinced he became that Buffett, with Munger’s help, had laid out “the laws of investing,” which are as “fundamental as the laws of physics.”
3. PATIENCE
“The number one skill in investing is patience—extreme patience.” Prabai
4. SAY NO TO MANY THINGS, AND SAY YES TO A FEW THAT YOU CAN TRULY SUCCEED IN
“The difference between successful people and really successful people is that really successful people say no to almost everything.” Warren Buffett. Pabrai once said “On my gravestone, I want them to write, ‘He loved to play games, especially games he knew he could win.’
5. BE DIFFERENT
It is impossible to produce superior performance unless you do something different from the majority.
—Sir John Templeton.
