Lessons from Warren Buffett – CBS Lunch – Stability Over Brains

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CBS interview with Warren Buffett posted today – below is our favorite lines from article (has to do with one of Buffett’s most famous quotes on why high intelligence is not the end all but rather discipline being the key) and video embedded below

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If anyone is a legend of modern commerce, it's almost certainly Warren Buffet, worth an estimated $78 billion, give or take So what's he REALLY like? Jane Pauley decided to do lunch:

Considered by many to be the greatest investor of all time, he says it's not rocket science: "I tell the students, 'If you've got 150 IQ and you're in my business, go sell 20 or 30 points to somebody else, 'cause you really don't need it," he said. "You need emotional stability. You need to be able to detach yourself from fear or greed, when that prevails in the market. You've gotta be able to come to your own opinions and ignore other people. But you don't need a lot of brains."

It's like baseball, he says: "I get to stand there with a bat on my shoulder, and I wait for a fat pitch," he said. And if the pitcher's throwing 'em high and outside, I just keep waiting and waiting and waiting."

See the video embedded below and more form the article and transcript here

Warren Buffett

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