Much of the financial world is all abuzz over the 50th annual letter to shareholders of Berkshire Hathaway, released this past weekend.Financial journalists, amateur Buffett sleuths, Graham & Dodd aficionados and just about everyone I know spent some quality time this weekend with this letter. They are all trying to identify that one pearl of wisdom that will give them that special insight to allow them to “invest like Warren.”
Let me save you some time: No, you are not Warren Buffett. And, with apologies to Taylor Swift, you are never, ever, ever getting to a place where you invest like him.
Why is that? Because Buffett has many things going for him that you do not, and likely will never, ever possess. I refer not to that pile of $73 billion dollars. Rather, I refer to the secret of his skill set and abilities, which is actually not much of a secret at all.
Warren Buffett’s not-so-secret-sauce is the combination of just three things, none of which I suspect you possess or deem of much importance: