Warren Buffett's Advice For Younger Generations Investing In The Stock Market
The Oracle of Omaha knows a thing or two about investing. It's what led him over the last century to earn a net worth of $50 billion. So what advice does Warren Buffett have for those who will be investing in the stock market long after he's gone?
An investor compared the meeting to Hogwarts, and called Buffett the Dumbledore to the room: "I've never read Harry Potter, but I'll take it as a compliment," he joked.
The investor asked Buffett why and how his children can have a financially-sound future, and what they have to look forward to.
"People win lottery's every day, but there's no reason to be jealous," Buffett said. "If they wanna do mathematically unsound things… It's nothing to worry about."
"All you wanna do is figure out what makes sense. When you buy a stock, you wanna have the frame of mind that you're buying a business. You don't wanna to get into a stupid game just because it's available."
Charlie Munger briefly stepped in: "I think your children are right to look for people they can trust when dealing with stocks and bonds. Unfortunately, most of the time, they will fail. If you just listen to your elders, they will lie to you."
Buffett concluded, "American business as a whole is going to do fine over time. A lot of problems are caused by envy. You don't want to get envious. Follow your own course."
Later in the meeting, Buffett said, "We are not two fellows who think they can predict the long-term price of oil, cotton, or anything else. Stocks, hopefully?"
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