For over 58 years most of the decisions that he and his partner — 99-year-old Charlie Munger — have made were “no better than so-so,” and in fact, some bad bets were “rescued by very large doses of luck.”
Buffett says that their overall success can be attributed to “about a dozen truly good decisions – that would be about one every five years…The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders.” Nobel Prize winning economist Richard H. Thaler drilled home this point last year, as markets were rolling over and people were wondering what they should do to combat the big market drops.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: