Warren Buffet is interviewed by the Financial Times, here… A couple of gems:
“Buffett thinks that he has built a business in Berkshire that shares the key characteristic of the companies he likes to buy: it does not require a genius to run it. “I’ve got an interesting business. It’s simple enough,” he says. “I always tell people: if they’ve got more than 130 points of IQ, sell the rest because you’re not going to need it in this business. It may hurt you.””
And this:
”People get smarter but they don’t get wiser. They don’t get more emotionally stable. All the conditions for extreme overvaluation or undervaluation absolutely exist, the way they did 50 years ago. You can teach all you want to the people, you can tell them to read [Buffett mentor] Ben Graham’s book, you can send them to graduate school, but when they’re scared, they’re scared.””
Do read the whole thing…
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