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The Secret To Successful Investing
Wealth inspiration part 15.
Wisdom can often come in small packages, and wisdom about building wealth is no different.
Today’s quote is from J. Paul Getty, the famous industrialist and founder of Getty Oil:
“Buy when everyone else is selling and hold until everyone else is buying. That’s not just a catchy slogan. It’s the very essence of successful investing.”
Buffett often says that investing is more about temperament than it is about IQ. This is because the natural thing to do is buy when something is popular and sell when it is not. But that is a great way to lose money.
When something is popular, its price is high.
When something is unpopular, its price is low.
The best way to build wealth with all investing is to find an asset that is selling for less than it is worth. Easier said than done, but it is done all the time.
Warren Buffett does it in the stock market with public companies.
Others do it in real estate, commodities, or business.
It’s a simple concept, but hard to do: buy low and sell high.
