We, as a society, love the idea that runaway success stories are a simple function of individual merit. This is especially true when people try to explain the cases of extreme successes like billionaires and the world-class performers. Work ethic, talent, and attitude are only part of the success puzzle. The other pieces like circumstantial factors are either frowned upon or ignored.
“I started investing at the age of 11,” says Warren Buffett, “I was wasting my life until then.” With that kind of early start, today 87 years old Buffett has accumulated a whopping 76 years of investing experience. Who in the world can match that? No wonder Buffett has held the spot of second richest man in the world since last twenty-five years.
So, does it mean that anyone who, with Buffett’s level of intelligence, spends three-quarters of a century analyzing businesses and studying annual report can become as successful as Warren Buffett?
We like to think that most wildly successful people have earned their success only through talent and hard work. It’s quite rare to find a biography of a successful person which credits his or her success to pure dumb luck. Dig deeper into their stories, and you’d discover that many unseen factors influenced the outcome. Interestingly, most of those elements lie beyond an individual’s control.
- Spotlight: Big ideas from Value Investing and why applying them in your investment decision making will be a great deal
- InvestorInsights: Interviews with experienced value investors, learners, and deep thinkers
- StockTalk: Thorough analysis of business models of companies (without any recommendations)
- Behaviouronomics: Deep analysis of human behaviour and how it impacts investment decision making
- BookWorm: Reviews of the best books on Value Investing and related subjects
- Free Course – Financial Statement Analysis for Smart People (otherwise priced at Rs 5,900)
- Archives: Instant access to our huge archive from the past three years