Why techies don’t buy contemporary art | Felix Salmon

This, for me, is the real reason that tech types don’t buy art: they’re busy investing in each other’s startups instead. Being an early-stage investor is in many ways just like being a contemporary art collector: you’re very unlikely to make money at it, even though the potential and anecdotal returns can be enormous; and it’s used in large part as a way of supporting your friends and being seen as being important within a very small world.

Why techies don’t buy contemporary art | Felix Salmon

The market knows nothing about my feelings. That is one of the first things you have to learn about a stock. You buy 100 shares of General Motors (GM). Now all of a sudden you have this feeling about GM. It goes down, you may be mad at it. You may say, “Well, if it just goes up for what I paid for it, my life will be wonderful again.” Or if it goes up, you may say how smart you were and how you and GM have this love affair. You have got all these feelings. The stock doesn’t know you own it.

The stock just sits there; it doesn’t care what you paid or the fact that you own it. Any feeling I have about the market is not reciprocated. I mean it is the ultimate cold shoulder we are talking about here.

Warrren Buffett on the emotional void of the stock market.

You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.

Charlie Munger. Applies to more than investing, of course.

I never took a business class, except accounting. When I was a boy, there was a man who came to the club every day at 10:30am. I asked my dad about him – he had such a good life! My Dad said, “He gathers up and renders dead horses.” I learned from that.

We also look for three things: intelligence, energy and integrity. If [they] don’t have the latter, then you should hope they don’t have the first two either. If someone doesn’t have integrity, then you want them to be dumb and lazy.

Buffett FAQ

A treasure trove for Warren Buffett (and Charlie Munger) fans. (via)

Goal – To compile and order the teachings of Mr. Buffett to maximise their benefit and usefulness to others. All material below is from question and answer (Q&A) sessions with Mr. Buffett.

Buffett FAQ