Investing legend Warren Buffett, 93, shared some advice on smart investing during the 2024 shareholders meeting held last week. When a shareholder asked the billionaire about one of the most fundamental decisions any investor can make: when to buy or sell an investment, Buffett said that he doesn’t buy any investment "based on vibes or impulse".
“Charlie and I made decisions extremely fast, but in effect after years of thinking about the parameters that would enable us to make the quick decision when it presented itself,” he said, referring to his long-time partner Charlie Munger who died last year.
The chairperson and CEO of Berkshire Hathaway also explained how he didn’t make his sizable investment in Apple until he felt he had a full grasp of consumer behaviour after owning several other consumer businesses, both successful and unsuccessful, CNBC Make It reported.
Speaking at the 2024 shareholders meeting, he added that after years of gathering intelligence on a particular subject “there is something that comes along and ticks a whole bunch of observations that you’ve made and knowledge you have, and then crystallises your thinking into action, big action in the case of Apple.”
He told the shareholders that only after he determined that the iPhone was “maybe the greatest product of all time,” did Buffett invest in it.
Meanwhile, the Berkshire Hathaway boss also shared that he never worries about missing out on an investment if it involves a product or company that he hasn’t looked into properly. “Charlie and I missed a lot of things … we never worried about missing something that we didn’t understand,” Buffett said.
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