Warren Buffett is a very successful man. From rather humble beginnings and a failing to company to the second richest man in the world, heading a $200 billion conglomerate, there are plenty of things that we can all learn from Buffett. And, fortunately, he’s very willing to give out advice to those looking to follow in his footsteps.
But, with how much Buffett shares things like his investing strategy, business tips, personality traits, and even ways to get rich, why is it that more people have not followed in his footsteps? If you were to ask him, he would happily point you in the right direction and even recommend books to get you started. But there’s way more to it than that.
Buffett has said multiple times that the book that influenced him the most, and consequently where he gained his current investing strategy, is The Intelligent Investor by Benjamin Graham. In fact, he liked the book and the author so much he took Graham’s class in college to learn more about investing. That, combined with natural apitude and love of investing has helped him gain his fame and fortune.
But, according to Buffett, you can read Benjamin Graham’s book, study everything that Buffett does, and invest in the stock market yourself, but it doesn’t necessarily guarantee success. In the end it’s all a matter of personal perspective and, most importantly, patience.
“The philosophy either takes immediately or it doesn’t at all. The reason gets down to temperament,” Buffett said. “People want to make money fast, but it doesn’t happen that way. Graham’s philosophy doesn’t promise enough for many people.”
No matter how you look at it, there is not really a good way to get rich overnight. It takes either a lot of luck or a lot of work, and only people who are willing to put in time are guaranteed any kind of success. Reading about Buffett’s strategies and studying up on his reading list will help you go far, but if you don’t subscribe to the same mentality, focus, and discipline as Buffett, then his methods will mean nothing.
“It’s not as exciting as guessing whether the stock price will go up the next day… It’s the classic tortoise versus hare: bound to work over time,” Buffett said.
In short, there isn’t a quick or easy way to success. It takes patience, doing what you love, and constantly striving to better yourself.