Pssst...Buffett tells his secret to his incredible fortune

At the moment, i was rereading Buffett's lecture to Notre Dame students (in spring 1991) and wanted to share some insights in Buffett's thought process....Ultimately,the key to successful investing is really quite simple but tends to get lost in the frantic noises of the Market.In the following para, Buffett explains what's really successful investing all about...

"Now if I had some rare insight about software, or something like that – I would say that, maybe, other people couldn’t do that – or biotechnology, or something. And I’m not saying that every insight that I have is an insight that somebody else could have, but there were all kinds of people that could have understood American Express Company as well as I understood it in ‘62. They may have been...they may have had a different temperament than I did, so that they were paralyzed by fear, or that they wanted the crowd to be with them, or something like that, but I didn’t know anything about credit cards that they didn’t know, or about travelers checks. Those are not hard products to understand. But what I did have was an intense interest and I was willing, when I saw something I wanted to do, to do it. And if I couldn’t see something to do, to not do anything.

By far, the most important quality is not how much IQ you’ve got. IQ is not the scarce factor. You need a reasonable amount of intelligence, but the temperament is 90% of it.

That’s why Graham is so important. Graham’s book [The Intelligent Investor] talks about the qualities of temperament you have to bring to the game, and that is the game."

The link to the entire article

Cheers,
Manpreet