January 30, 2004
Overcoming One’s Own Psychological Weaknesses
Brian Lund correctly writes that “successful investing requires the ability to identify and overcome one’s own psychological weaknesses.”
“As Buffett said in a 1999 interview with BusinessWeek, ‘Success in investing doesn’t correlate with I.Q. once you’re above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.’
His partner at Berkshire Hathaway, Charlie Munger, never misses an opportunity to recommend Robert Cialdini’s book ‘Influence,’ which examines why people give in to pressure from others.”
I too am a big fan of Cialdini and have recommended ‘Influence’ to many friends.
Cat: | Time: 3:52 pm (utc+8)
May 18th, 2006 at 3:24 pm
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