“People chronically misappraise the limits of their own knowledge; that’s one of the most basic parts of human nature. Knowing the edge of your circle of competence is one of the most difficult things for a human being to do. Knowing what you don’t know is much more useful in life and business than being brilliant”
“It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.”
He says he sees nothing worth investing in right now and hasn’t bought an investment in his personal accounts in at least two years. He is waiting for an irresistible bargain.
From Saturday’s Wall Street Journal (9/13/14)