How Professional Athletes Avoid Being Jerks When Investing?!
Their odds of investing success can increase exponentially if they learn and apply Warren Buffett’s best investing tips:
1. Invest in what you understand: Buffett advises investors to only invest in companies or industries that they understand and have knowledge about.
2. Look for strong, consistent companies: Buffett advises investors to look for companies with a strong track record of consistently earning profits, rather than those that have had a few good years followed by a few bad ones.
3. Look for companies with a strong competitive advantage: Buffett looks for companies that have a sustainable competitive advantage, such as a strong brand or proprietary technology, that will allow them to maintain their profitability over time.
4. Be patient: Buffett is known for being a long-term investor, and he advises others to be patient and not to make impulsive decisions based on short-term market fluctuations.
5. Don't overpay: Buffett has said that one of the most important things to consider when investing is the price you pay for an asset. He advises investors to avoid overpaying for an asset, as it will limit the potential for returns.
6. Invest for the long-term: Buffett believes that investors should focus on long-term performance rather than trying to time the market.
7. Don't follow the crowd: Buffett advises investors not to follow the crowd and invest in popular stocks just because everyone else is doing so.
8. Don't invest in industries you don't understand: Buffett has advised investors to avoid investing in industries they don't understand as it increases the risk of losing money.
9. Have a margin of safety: Buffett always looks for stocks that are trading at a discount to their intrinsic value to provide a "margin of safety" in case the investment doesn't perform as well as expected.
10. Give back: Buffett once said, “If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.” And as a top member of that 1% himself, Buffett makes it a point to put his money where his mouth is.
Which athletes are following the most-respected investor of all time?
Michael Jordan: Michael has been a vocal admirer of Warren Buffett, and has said that he follows Buffett's advice on investing in what you know and understand.
Kobe Bryant: Kobe was known to be a fan of Warren Buffett, and has stated that he follows Buffett's advice to invest in companies with strong fundamentals and a history of profitability.
Venus Williams: Venus has said that she follows Warren Buffett's advice to invest in what she knows and understands, and that she avoids investing in industries she doesn't understand.
Building true wealth and financial security takes time, and you’ll likely encounter financial challenges along the way.