Warren Buffett is one of the world’s greatest businessmen and most certainly its greatest value investor. Since he took control of the failing Berkshire Hathaway in 1965, it has risen to become the sixth largest company in the world. His investing genius aside, Buffett is also a fountain of advice on life, careers, goals, business, and everything in between. He is an absolutely fascinating man, no matter how you look at it.
But, with all of his skills and failings, there is one thing that sets him apart from the rest, and it’s arguably the key to his success. That thing is an intense amount of discipline in all its forms; but most especially when it comes to investing.
Buffett lives by a very simple strategy, which means that explaining and defining his discipline is actually nowhere near as difficult as it sounds. There are some things in the business world that simply can’t be prepared for, and reacting to the news is a terrible idea. The best thing that you can do is to make sure that you’ve got data to back up your decisions, and then stick with it for the long term, because short term trading isn’t going to get you anywhere.
“Be fearful when others are greedy, be greedy when others are fearful.”
– Warren Buffett
Basically, that discipline is what makes Buffett able to ignore the news feeds and stick by the companies that he believes in. He understands that the short term doesn’t matter all that much, and weathering minor bumps and scrapes is a necessary part of business. That discipline also makes him invest carefully and strategically, always analyzing and re-evaluating.
Of course, some people might try and argue that discipline (often labeled as ‘stubbornness’) is also his greatest failing, as it has made him resistant to changes and newer tech stocks… but that’s a little debatable. Regardless, that discipline is first and foremost the thing that has allowed him to become one of the most successful businessmen in the world.