Investment Habits of Buffett and Soros

Author: (Australia) Marc Thiel
Publisher:
Publish Date: 2005-09-01
Features: The difference between Buffett and Soros is as vast as it can be. If there is anything they both do, it must be crucial, perhaps the secret to their success. Most failed investments are misled by these "Seven Fatal Investment Beliefs":
Fatal Investment Belief 1: Belief in Prediction. To make big money, one must first predict the next move of the market.
Fatal Investment Belief 2: Belief in "Authority." Even if I cannot predict the market, others can, and all I have to do is find such a person.
Fatal Investment Belief 3: Belief that "insider information" is the way to make big money.
Fatal Investment Belief 4: Belief in diversification.
Fatal Investment Belief 5: Belief in risk-taking. To make big money, one must take big risks.
Fatal Investment Belief 6: Belief in tools. Believing that investment relies on a system that ensures profits.
Fatal Investment Belief 7: Belief in the inevitability of the market. I know what the future will hold, and the market "must" prove me right.
On the other hand, the world's most successful investors, represented by Warren Buffett and George Soros, do not enter the market with dogmatic thinking. Their thinking methods and investment habits are entirely opposite to the traditional "wisdom" of Wall Street:
★ They do not practice diversification. When they buy, they always "buy as much as they can."
★ They will tell you that their success has nothing to do with predicting the future direction of the market or the economy.
★ They do not prioritize expected profits. In fact, they are not investing for money at all.
★ They do not believe that only by taking big risks can one make big money. In fact, they place greater importance on not losing money than on making money.
★ Their views on the nature of the market are remarkably similar—and both scoff at academic theories like the "Efficient Market Hypothesis" and "Random Walk."
★ They never read those exhaustive research reports churned out by Wall Street. They could care less about what others think.
Marc Thiel argues in this book that the success of investing depends on your thinking methods and investment habits. By analyzing the winning investment habits that guided Warren Buffett and George Soros to glory, Marc Thiel reveals the common investment habits of all successful investors. Moreover, each winning habit is simple, and you can easily teach yourself. Whether you want to find bargains in the stock market like Warren Buffett or trade currency futures like George Soros is irrelevant. As long as you adopt the winning investment habits of Warren Buffett and George Soros, you can achieve extraordinary results and make more money with greater ease.
Both Buffett and Soros started from scratch and accumulated billions of dollars in wealth solely through investing. However, their investment styles are vastly different, and their methods are worlds apart. Buffett's signature strategy is to buy companies he believes are priced far below their actual value and to "hold them forever." Soros is famous for his high-leverage, high-stakes gambling in the currency markets. The difference between them is as vast as it can be. So, do the world's two most successful investors share any common ground? Unbelievably, Marc Thiel proves in this groundbreaking work that the thinking habits and methods of Buffett and Soros are identical. And even more unbelievably, legendary investors like Peter Lynch, Sir John Templeton, Bernard Baruch, and Benjamin Graham also adhere to the same habits and methods.
Marc Thiel believes that the success of investing depends on your investment habits. In this book, he summarizes the 23 investment habits that guided Buffett and Soros to greatness and that both devoutly follow. These 23 habits cover almost every aspect of the investment world. You will see how your investment habits either lead to success or cause failure. As long as you learn and adopt these 23 habits, develop your own investment philosophy based on your circumstances, you can become a winner in the investment market. It is hard to ignore the intellectual collision of the world's two greatest investors.