The Skill That Made Warren Buffett a Billionaire | Exploring Markets

The Skill That Made Warren Buffett a Billionaire

There's one skill that Warren Buffett continually talks about but no one takes seriously.

That skill is patience.

Warren Buffett is one of the most patient men on Planet Earth. He understands timeframes, cycles, and perspective. No one becomes a billionaire overnight. Buffett made his first million at age 33 and his first billion at age 60. Investing takes time and Buffett will be the first to tell you that. He's made the most of his money waiting decades for markets to crash and then buying stocks at depressed levels. Here are three things he's said about his most powerful skill:
1. "You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing." 
2. "I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life." 
3. "No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant."

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