Mark Sellers’s speech to Harvard MBA students – “I’m not here to teach you how to be a great investor. On the contrary, I’m here to tell you why very few of you can ever hope to achieve this status.” He states that these 7 traits of great investors are impossible to teach:
Trait #1 – The ability to buy stocks while others are panicking and sell stocks while others are euphoric.
Trait #2 – A great investor is obsessive about playing the game and wanting to win.
Trait #3 – The willingness to learn from past mistakes.
Trait #4 – An inherent sense of risk based on common sense.
Trait #5 – confidence in their own convictions, even when facing criticism.
Trait #6 – It’s important to have both sides of your brain working, not just the left side (the side that’s good at math and organization.)
Trait #7 – The most important, and rarest, trait of all: The ability to live through volatility without changing your investment thought process.
Direct Link – “So you want to be the next Warren Buffett? How’s your writing?” (PDF, Speech Transcript) via SCRIB