In this article, I want to discuss the characteristics required for successful investors from another perspective. Two common people think that they are ordinary, but they are two characteristics that most investment masters have: love for your work and protection. own reputation.
Ron Baron, chairman of the Baron Fund, gave advice to his 20-year-old self when he was interviewed by Forbes:
“You have to love what you do, really work hard and guard your reputation above everything else. By that, I mean the way you act when nobody sees what you’re doing. You have to ask yourself, would I be proud? One of the people who helped me early in my career was Jay Pritzker, who told me once, “Ron, if you need to have an agreement in writing, you’re doing business with the wrong person.” You have to live and die by your word. Whatever you say you’re going to do, you do. That was a really big lesson, living up to your word and being a handshake person.”
When interviewed interviewed by Forbes, Leon Cooperman, the founder of OMEGA ADVISORS, gave advice to young people in their 20s: “Be long term. Be tax efficient. Know what you own. The most important advice I give the youngsters is that the only way to be successful is to do what you love and love what you do. I work 80-hour workweeks, but I never looked at it as work. I enjoyed what I did.”
“I’m motivated by two things. I want to make money for two reasons. Number one, if I make money in the market—and I was up in 2022 when most people were down—it basically means I was right. And I have an ego like everybody else, I want to be right. Secondly, I’ve taken two giving pledges and I’m giving away 100% of my money. The more money you have, the more you can give away.”
Buffett told CNBC in 2017: “It takes 20 years to build a good reputation, but five minutes to destroy a good reputation. Knowing this makes a huge difference in how you behave. “
Buffett admits: “Tap dancing to work every day.” There is no other reason, because he likes his life’s occupation—investment.
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