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boxer hathaway's annual shareholder meeting just wrapped up and there was one takeaway from our favorite buffett and monger duo that really stood out to me let's travel back to 1952. warren buffett has just married his suzy buffett and the two are traveling along the u.s west coast allegedly warren buffett filled the trunk of their car with annual reports from stock market companies that he wanted to do research on even during their honeymoon that's dedication anyways the married couple was visiting the flamingo in las vegas because three fellow omahas had just purchased a steak in the famous casino when they entered the flamingo the then 21 year old buffett announced i'm gonna get rich i mean how can you miss if people are willing to do this you know this is this is a land of opportunity well it's the way it still is buffett was talking about making money in the stock market here how did this casino crowd convince buffett that he could become rich through stock market investing and why does buffett say that it still applies in the stock market today to understand this let's have a quick pop quiz every time you buy or sell a company in the stock market there's a counterpart on the other side when you believe it's time to get out someone else must assume that it's time to get in and vice versa otherwise there will be no transaction this person may or may not know something that you don't with that in mind who would you rather want that person on the other side of this um call it disagreement to be a an uninformed participant who doesn't care about the fundamentals of the company that he is trading in b someone like warren buffett i'd be happy to disagree with a but i'd be pretty hesitant to disagree with someone like warren buffett observing the people in the casino in 1952 buffett knew that everyone doesn't make informed decisions with their money buffett noted that these people looked like they were much more prosperous than he was at the time and some of them had traveled thousands of miles to participate in a game that was mathematically rigged against them these are the counterparties that you as an intelligent investor want to have manga explains i think we've made more because of the crazy gambling and buffett agrees we've depended on it today there are arguably more gambling and casino tendencies in the stock market than has ever been the case historically to understand that one doesn't have to observe the r wall street bets crowd or the crypto enthusiasts too long steady long-term gains are thrown out of the window no this crowd wants excitement overnight riches the year i turned 26 as the head of my own brokerage firm i made 49 million dollars which really pissed me off because it was three shy of a million a week this crowd would rather go for two birds in a bush on the other side of the pacific ocean than one bird in hand leaving anecdotal evidence aside the numbers tell a similar story the average holding period of the new york stock exchange is now just six months down from eight years in the late 50s according to financial data provider refinitive an older quote from buffett comes to mind calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one night stands a romantic in the 50s people treated their stocks like true gentlemen today stocks are just another tinder date anyone who invests with a six-month time horizon is quite far from the fundamental value investing approach that warren buffett has become so successful with and that i try to preach through this channel however and this is the main point of buffett's story and this video this is an advantage for you as an informed investor historically the stock market has returned something like eight percent per year but if you include the fact that you can sometimes buy and sell from people who don't understand anything about the actual companies that they are trading in you can make a lot more and with modern apps the stock market has become available to more of these uninformed people people know nothing about stocks being advised by stock brokers who know even less i don't think it's a good thing for society that brokered this worldwide or promoting the stock market like it's some kind of casino still it is beneficial for those of you who follow the fundamental approach preached on this channel as long as people are willing to participate in games that are mathematically rigged against them there will be opportunities in the stock market so don't treat the stock market like a casino and check out how warren buffett himself made his first million instead cheers you
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