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you want to know how to be a successful investor the answer is stay with what you know don't listen to me don't listen to tv people internet people just stay with what you know if i told you you can only have 20 investments in your life you would be very careful you wouldn't be jumping in and out listening to hot tips every day every month you would stay with what you know and you would become a successful investor everybody watching this knows a lot about something whether it's fashion or cars or sports or something when you see something that you know is going to be successful and exciting don't just say oh that's going to be great don't tell all you then you go and you do your research and you figure out how to and if you should invest and how to invest and then you invest you will know it long before i will long before other people in the investment community you will also know when to sell because you will know when something's going to change again nobody likes to hear it everybody wants a hot tip everybody wants to be rich this month well the second advice is don't listen to hot tips i stay away from hot tips stay with what you know it's boring and nobody wants to hear it but that's how you become successful you know in those days we get nothing but focus and concentrate and dig deep and dig deep and dig deep that's how you become successful figure out what you yourself know best when i first started i had no clue i i once worked for a guy who was a genius trader i mean he he would he were about 50 or 100 stocks on the stock exchange he didn't know much about them i mean he knew ibm was a big company but he didn't know what they he knew very little but my god he could buy and sell it i mean he was a genius short-term trader he never owned anything longer than a week or two but my god he was good but i am hopeless on the worst short-term traitor in the world in the world i didn't know that the people had different styles i didn't know that that wouldn't work for me but eventually i found by trial and error what i was less bad at but i was reasonably good at and so i found my way i know i'm a terrible short-term trader well i don't even try it anymore i didn't know it then but i found out and whether the style picks you or you pick the style for me it was trial and error you know i found that early on that if you read the annual report you do more than 90 of the people on wall street if you read the notes to the annual report you do more than 98 of the people investing so back to what i said before do your homework this is not easy everybody looks on tv and they say i could i could have bought apple 30 years ago i could have done that well maybe they could have but they didn't because it's not easy so you have to do your homework you have to research you have to do the balance sheet you have to understand the numbers how do i do it i don't by now i've done it you know 100 thousands of times so i have a little bit of experience i have a little bit of self-knowledge and experience and so i look at things that i maybe didn't know about before but i used to be a professor and i explained to them you have to understand the numbers first of all but then you have to understand the competition you have to understand everything this is not easy i wish it were one of the things that i have learned about me is if something is really high and popular i usually don't bother with it unless it's obviously a bubble and then i'm i will look at it to sell short but mainly i look at things that are ignored hated you know i want something that if it's hated and ignored it's probably very cheap that does not mean i will buy you have to find something that's hated and cheap and then you have to find a change taking place for many decades i was anti-russia and soviet union i've never only time i ever invested in russia was i was short of the ruble once but then in recent years i have come to realize my god this place is hated very cheap low debt and i thought i perceived a change taking place in the kremlin and that's the second word you need to understand cheap and a positive change so if you can find something that's cheap and a positive change you're probably going to get very rich at first i thought everybody was smarter than me because they were older and and been around more experience than me then i found that most of them made many mistakes too i should stop listening to them that's when i started realizing any key for me was to find something cheap that was changing and i realized about the numbers and the balance sheets i was once working on reading an annual report and doing a spreadsheet an experienced guy walks in the room and said people still do that nobody looks at breast spreadsheets anymore laughed at me well i mean i was embarrassed but i kept doing it that was what i i loved and i by experience i learned that if i understood the numbers and i understood what was going on i was to be ahead be ahead of other people it wasn't easy but it turned out i loved it and i loved to track down everything but it was purely by experience and learning that the more i knew about the companies the competition the numbers the more likely i was to be successful because i realized that nobody else was doing it and after you have a few successes doing it your way then you realize hey i'm on to something but it wasn't because i realized i was only i realized because i loved it so much i love tracking down you know it's like going to work every day you were in a three-dimensional puzzle and every day they were changing the parts all day long all week long it was a fabulous it is a fabulous way to spend your time because it's a three-dimensional puzzle that is always changing like gosh it's fun i found my niche i found what i loved i found what i was good at so my answer to you is if you're looking figure out what you love the most whatever it is and if people laugh at you you're probably really right you're probably really doing the right thing just find your own passion and stay with it my passion was and still is but especially then my passion was the investment world all over the world it didn't matter we didn't know about countries we didn't have all these labels about value and blah blah we just found things that were cheap and bottom found things that were expensive and sold i'm sure i love it so if you can find your passion whatever it is that's what you should do ignore your friends if you say i want to be a gardener everybody's going to laugh at you your parents are going to say we didn't educate you to become a gardener your friends are going to say you hear about david he's a gardener your teachers are going to say we educated you you do it you go and become a gardener because if you love you'll never go to work you'll wake up every day and have fun you'll be the happiest person around uh it won't matter if you're successful because you're happy but you will be successful because those are the people are the most successful and someday when you have a chain of garden shops listed on the new york stock exchange your parents are going to call you and say oh do you remember how we used to give you seeds when you were a child we knew you would be a good gardener someday the professors are going to call and say but we knew it we helped you give us a building your friends are going to call and say i see you're on the new york stock exchange i need a job all those people laughed at you and ridiculed you before find your passion whatever it is and then do it to this you know that's all i did in those days i loved it so much i just loved it so much i couldn't wait i didn't like it when the market closed
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