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In his national bestseller, “Buffett The Making on an American Capitalist”, Roger Lowenstein wrote Buffett’s first lesson in patiance. This article re-narrating the story here for those who wish to know his experience to understand the requirment of patriance as an intelligent investor. Here is the same for you.
When Buffett was in his age of eleven, he took the plunge and bought three shares of Cities Service prefferred, as well as three shares for his sister Doris, at $38 a share.Later Dorris told “I knew then he knew what he was doing. The boy lived and breathed numbers”. But later, Cities Services plunged to 27. And soon, it recovered to 40, whereupoon Warren sold, netting, after commission, his first $5 of profit in the market. Directly he sold, Cities Services climbed to $200 per share. It was his first lesson on patiance.By getting energy from this experience, Warren learned a lot about the requirement of patiance as an investor. He never forget the rule and never made the mistake again. He kept his first experimece in his mind forever and that brought him to the richest investor in the world.As an investor, remember, patiance is the first quality one should learn and practice. This is the best example to understand the power of patiance. If Buffett learned from his mistake, then what about us.
You can have the best seller, Buffett: The Making of an American Capitalist, from here.
My best wishes to all those reading this article to get the most required quality of an investor.
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