Getting Wiser

Charlie Sums It Up

"How do some people get wiser than

other people? Pardy it is inborn

temperament. Some people do

not have a good temperament for

investing. Theyre too fretfirl; they

worry too much. But if you've got a

good temperament' which basically

means being very patient, yet

combine that with a vast aggression

when you know enough to do

something, then you just gradually

learn the game, pardy by doing'

partly by studying. Obviously, the

more hard lessons you can learn

vicariously, instead of from your own

terrible experiences, the better off

you will be. I dont know anyone

who did it with great rapidity.

'Warren Buffett has become one hell

ofa lot better investor since the day

I met him, and so have I. Ifwe had

been frozen at any given stage, with

the knowledge hand we had, the

record would have been much worse

than it is. So the game is to keep

learning, and I dont trhink people are

going to keep learning who dont like

the learning process."