2007-11-16

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

Here is Mark SellersMark 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)

1 comment:

marry said...

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