Mark Sellers's Speech to Harvard MBA students - "So you want to be the next Warren Buffett? How's your writing?"

Here is Mark Sellers's speech to Harvard MBA students - "So you want to be the next Warren Buffett? How's your writing?"

7 traits of great investors

• Trait #1 - The ability to buy stocks while others are panicking and sell stocks while others are euphoric.
• Trait #2 - A great investor is that he is obsessive about playing the game and wanting to win.
• Trait #3 - The willingness to learn from past mistakes.
  
• Trait #4 - An inherent sense of risk based on common sense.
  
• Trait #5 - Great investors have confidence in their own convictions and stick with them, even when facing criticism.
  
• Trait #6 - It's important to have both sides of your brain working, not just the left side (the side that's good at math and organization.)
  
• Trait #7 - The most important, and rarest, trait of all: The ability to live through volatility without changing your investment thought process.

4 sources of "hard to duplicate" economic moats

• Economies of scale and scope.
• ex : Wal-Mart, Procter & Gamble or Home Depot and Lowe's.
  
• Network affect
• ex : eBay or Mastercard or Visa or American Express
  
• Intellectual property rights
• such as patents, trademarks, regulatory approvals, or customer goodwill
  
• ex : Disney, Nike, or Genentech
  
• High customer switching costs
• ex : Paychex and Microsoft
  

Direct Link - "So you want to be the next Warren Buffett? How's your writing?" (PDF, Speech Transcript)