There are a number of lessons that we learn from our mentors and that stay with us for many years. Even legends like Warren Buffett They owe much of their success to their mentors and gurus. Buffett often says that his mentor and professor at Columbia University… Benjamin Graham — taught him countless and Timeless Investment Lessons.
In a brief remembrance of Mr. Graham that was published in the Financial Analyst Journal after his death in 1976, the Oracle of Omaha recounted three lessons he learned from his teacher.
For those who don’t know, Benjamin Graham wrote the famous bestseller “The Intelligent Investor” and also taught at Columbia University, where Buffett received his master’s degree.
Three key lessons Warren Buffett learned from Graham
I. Staying dumbIn a letter to shareholders in 2018, Buffett said markets will remain volatile and what is needed is a willingness to look unimaginative over a long period of time or perhaps look foolish.
It was Graham’s teachings that convinced Buffett that it doesn’t take much excellence to generate wealth in the stock markets. It’s really about investors’ ability to ignore the euphoria of buyers and the pessimism of sellers.
Buffett once went so far as to say that he never listens to economists. There is not a single economist who has become super-rich by investing in securities, who ever did. he stressed.
second. Be generousWarren has extensively praised Ben Graham, who was not only a good teacher, investor and mentor, but also a generous person at the same time.
When co-creating The Giving Pledge with Bill Gates, Buffett apparently took a cue from Graham and even donated much of his wealth to the Bill and Melinda Gates Foundation.
“Walter Lippmann talked about men who planted trees under which other men would sit. Ben Graham was one of them,” Buffett wrote of Graham.
III. Get creative: Graham was one of the few people who achieved great success without the narrowness of mental activity that concentrates all efforts on a single goal. His success was, in fact, a by-product of an intellect whose scope was quite broad.
In fact, Buffett has also assimilated this learning into his life, becoming a voracious reader and seeking knowledge and wisdom rather than money and profits.
He recalled one of Graham’s famous quotes in which, it is said, He tells Buffett not to worry about money too much.
“When I worked with him, Ben told me, ‘Don’t worry too much about making money. It will change your wife’s lifestyle, but not yours. You and I will still be wearing the same clothes and eating at the same cafeteria, so relax,’” he said.
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