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Never loose Money
- Thread starter Slandrew
- Start date
On AOL Warren Buffet one of the richest says #1 thing for success is never loose money even if in 2008 he lost 23 Billion?:iamwithstupid:
clayinaustin
Charter Member
Rules That Warren Buffet Lives By
Buffett personally lost about $23 billion in the financial crisis of 2008, and his company, Berkshire Hathaway, lost its revered AAA ratings. So how can he tell us to never lose money?
He's referring to the mindset of a sensible investor. Don't be frivolous. Don't gamble. Don't go into an investment with a cavalier attitude that it's OK to lose. Be informed. Do your homework. Buffett invests only in companies he thoroughly researches and understands. He doesn't go into an investment prepared to lose, and neither should you.
Buffett believes the most important quality for an investor is temperament, not intellect. A successful investor doesn't focus on being with or against the crowd.
The stock market will swing up and down. But in good times and bad, Buffett stays focused on his goals. So should we. (This esteemed investor rarely changes his long-term investing strategy no matter what the market does.
Buffett personally lost about $23 billion in the financial crisis of 2008, and his company, Berkshire Hathaway, lost its revered AAA ratings. So how can he tell us to never lose money?
He's referring to the mindset of a sensible investor. Don't be frivolous. Don't gamble. Don't go into an investment with a cavalier attitude that it's OK to lose. Be informed. Do your homework. Buffett invests only in companies he thoroughly researches and understands. He doesn't go into an investment prepared to lose, and neither should you.
Buffett believes the most important quality for an investor is temperament, not intellect. A successful investor doesn't focus on being with or against the crowd.
The stock market will swing up and down. But in good times and bad, Buffett stays focused on his goals. So should we. (This esteemed investor rarely changes his long-term investing strategy no matter what the market does.
fund razor
Founding Member
I try not to loose money.
I try even harder not to lose it altogether.
I try even harder not to lose it altogether.
JupiterSunsation
New member
Warren is a fun guy to listen to but he does tend to talk in circles. This morning he was talking about Netjets and how it has turned around from losing millions to being profitable in one year. Even Joe Kernen on CNBC called him out on the turn around..... Warren prasied the CEO but really does anyone believe that the company had a multi-million dollar turn around in the middle of a recession?
Netjets is a fractional jet ownership business that costs about 400K to get into for a 50 hour share plus expenses like fuel/airport taxes. So in a recession do you really expect people to buy into a 8K an hour flight plan plus expenses? NY/Boston to FL is $24,000 plus fuel/airport fees for a 5-7 passenger jet EACH WAY. Not too many folks that can justify a 50K+ trip to FL for the weekend in a recession when you can fly commercial in for less than $700 a ticket.
Netjets is a fractional jet ownership business that costs about 400K to get into for a 50 hour share plus expenses like fuel/airport taxes. So in a recession do you really expect people to buy into a 8K an hour flight plan plus expenses? NY/Boston to FL is $24,000 plus fuel/airport fees for a 5-7 passenger jet EACH WAY. Not too many folks that can justify a 50K+ trip to FL for the weekend in a recession when you can fly commercial in for less than $700 a ticket.
JupiterSunsation
New member
BTW on the subject of Bernie Madoff...........Warren said when he first started people were convinced he was a ponzi scheme guy! Warren still lives in his Omaha, Nebraska home that was really cheap (like less than 100K) when he bought it 30 years ago. He does have a home in California that is a little nicer but no huge flash of cash like some of these guys...... He flies Netjets (a Berkshire company) and drives a Lincoln Towncar that is a few years old (no Rolls Royces, private jets etc.).
I strongly suspect he has never owned a performance boat..........
I strongly suspect he has never owned a performance boat..........
Yes.
Best friend is a Citation X captain for NetJets. Business has slowed from the peak and they've laid off pilots but they're still flying lots of flights. You forget that the bulk of their customers aren't significantly impacted by the recession. I imagine they lost some customers thanks to Madoff...
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