Daniel_Burfoot comments on Rationality Quotes December 2011 - Less Wrong

4 Post author: Jayson_Virissimo 02 December 2011 06:01AM

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Comment author: Daniel_Burfoot 04 December 2011 12:23:32AM 21 points [-]

In the early 1970's it cost $7 to buy a share in [Warren Buffett's] company, and that same share is worth $4,900 today... That makes Buffett a wonderful investor. What makes him the greatest investor of all time is that during a certain period when he thought stocks were grossly overpriced, he sold everything and returned all the money to his partners at a sizable profit to them. The voluntary returning of money that others would gladly pay you to continue to manage is, in my experience, unique in the history of finance.

  • Peter Lynch, "One Up on Wall Street"