Warren Buffett

If you don't have the nerve to watch your investment go down by half or all the way.

And I'll throw in Warren Buffett's be fearful when others are greedy.

Be greedy when others are fearful.

So I look at, for example, AI infrastructure stocks, which I really like.

And I think he probably thought, yeah, she's good for the money.

So, yeah, she kind of flies to Omaha, Nebraska, and she told anyone and everyone that would listen that she was traveling there in order to attend Warren Buffett's shareholder meeting, which is some kind of like networking event for the rich and the powerful that happens once a year.

And Anna did go to Omaha, but she didn't attend that meeting.

She just went to the zoo and got drunk on her own, which I thought was really sad, though.

I thought about it.

I think that's exactly what it was.

I think she wanted to impress her newfound friends and telling them that she was getting a jet to Omaha to attend Warren Buffett's annual shareholder meeting.

Yeah, I think it was all about impressing her friends.

have some of these guys, they get to Congress, they've never shown any financial acumen.

All of a sudden, they're Warren Buffett, just timing it right, and they're making 50 grand, 60 grand here.

How are we not banning the congressional stock trading?

Protect this man at all costs, bro.

And they're talking about how to manipulate the stock market and their stock portfolio is a hundred grand.

Like who gives a shit, right? Like you're not Warren Buffett, right? But the thing is, is that you are an expert at some things and you should just stick to only talking about that stuff.

If the source of your content, this is fucking big.

If the source of your content is other people's content, don't make it.

But for me, for our investors, we're sticking with that plain vanilla business ownership approach.

But you think about dividends, right? Like there's always this Warren Buffett conversation of buybacks versus dividends.

And like I hold personally, this is just my own personal view, is like that there's a level of trust with dividends.

Like, hey, I'm paying you a piece of what we make.

And so we don't live in the world of the 70s and 80s anymore.

We don't live in the world of the 1930s.

If you think about what Warren Buffett was doing or Ben Graham, his mentor, it is some sort of assumption that there is a marketplace filled with choices.

And individuals are making those choices for good or for ill.

They are in the three-star range, so fairly valued.

And as Warren Buffett said, it is better to buy a great value company at a fair price than a fair value company at a great price.

Really interesting philosophy.

I tend to agree.

I was actually pretty good at it, you know, in my spare time before I got into this.

But my view was, how do you have no investment acumen? and then all of a sudden get elected to Congress, and then you're outperforming Warren Buffett.

How does that work? Oh, you just happen to buy something related to an industry where you're on a committee, and then it goes up 150%.

And we see that.

I'm William Cooper.

And today, we're going to talk about Warren Buffett's most important psychological principle, patience.

Warren knew that investing, unlike many, many activities, investing is something where One of the keys is to not make mistakes.

And wait for those fastballs that are really, really in your strike zone.

Those balls you really want to hit.

Sometimes it does, right? There's some domains where The more you try, the more you attempt, the more activity you have, the better.

But in other domains, it's really important to wait for your shot.

And then what Warren would do in combination with being patient is he would wait for the huge, huge opportunities and then when they came, he'd go all in.