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The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success by Elena Chirkova

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Warren Buffett’s Investment Principles

Areas do not make opportunities. Brains make opportunities.

—WARREN BUFFETT [CITED IN MATTHEWS, 2009, P. 104]

INVESTMENT IS DIFFERENT FROM SPECULATION. CONSERVATISM IS ONE of the prerequisites for the correct investor mindset. It follows naturally from this requirement that an investor must act only on things that she knows and understands. The investor must always remain strictly within her circle of competence. Conservatism also means that the investor must absolutely avoid speculation, and that, since the market will possibly delay valuing a business fairly, but will do so eventually, the investor must ...

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