2 Cents' Worth Series
OCT 17, 2004TWO CENTS' WORTH
High IQ no guarantee of success in investment
Mark TierAUTHOR
CLEARLY, both Mr George Soros and Mr Warren Buffett exhibit the hallmarks of genius. Both developed their own original investment methods and applied them with outstanding success.
They have blazed a trail for the rest of us to follow. It is laid out in the mental habits and strategies that Mr Buffett, Mr Soros and other master investors all follow religiously. As Mr Buffett says: 'You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ.'
Intriguingly, Mr Soros and Mr Buffett have one other thing in common: Neither has passed any of the many securities industry certification exams that employees of Wall Street firms are routinely required to take.
When Mr Buffett became the chief executive of Salomon Brothers in 1991, 'there was also a rule that, because I was an officer of a securities firm, I had to take the Series 7 exam for stockbrokers', he recalls.'I kept delaying it until I left because I wasn't sure I could pass it.'
Earlier in his career, Mr Soros actually took such an exam - and failed it miserably.
When the world's two greatest investors fail or are afraid that they would fail such professional exams, one wonders what the true value of these qualifications is.
If neither Mr Buffett nor Mr Soros has them, you certainly do not need them to achieve investment success. What you do need to do is follow the same mental habits and strategies as the two investors.
Adapted from Mark Tier's book, The Winning Investment Habits of Warren Buffett & George Soros, published by Inverse Books. He is the author of three other finance-related books.
Copyright @ 2004 Singapore Press Holdings. All rights reserved.
___________________________________________________________________
Ha. Funny.
High IQ no guarantee of success in investment
Mark TierAUTHOR
CLEARLY, both Mr George Soros and Mr Warren Buffett exhibit the hallmarks of genius. Both developed their own original investment methods and applied them with outstanding success.
They have blazed a trail for the rest of us to follow. It is laid out in the mental habits and strategies that Mr Buffett, Mr Soros and other master investors all follow religiously. As Mr Buffett says: 'You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ.'
Intriguingly, Mr Soros and Mr Buffett have one other thing in common: Neither has passed any of the many securities industry certification exams that employees of Wall Street firms are routinely required to take.
When Mr Buffett became the chief executive of Salomon Brothers in 1991, 'there was also a rule that, because I was an officer of a securities firm, I had to take the Series 7 exam for stockbrokers', he recalls.'I kept delaying it until I left because I wasn't sure I could pass it.'
Earlier in his career, Mr Soros actually took such an exam - and failed it miserably.
When the world's two greatest investors fail or are afraid that they would fail such professional exams, one wonders what the true value of these qualifications is.
If neither Mr Buffett nor Mr Soros has them, you certainly do not need them to achieve investment success. What you do need to do is follow the same mental habits and strategies as the two investors.
Adapted from Mark Tier's book, The Winning Investment Habits of Warren Buffett & George Soros, published by Inverse Books. He is the author of three other finance-related books.
Copyright @ 2004 Singapore Press Holdings. All rights reserved.
___________________________________________________________________
Ha. Funny.
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