A reader emailed us a copy of a Harvard MBA student’s noted on Warren Buffett spoke at HBS in December. There’s lots of good stuff in it we’ll share over the next couple of weeks, but we particularly liked this quote in response to a question about the qualities of a good investor:
If you have an IQ of 170, you can sell 45 points to someone else and still do well in securities.
Amen, Warren!
I am glad this was posted. Perhaps this will lower the “ego level” of some of the Street pricks.
Anyone who is smart, driven, and has good analytical / mathematical skills can do well as a trader.
What’s with the freaking attitude???
If a Wall Streeter throws out 20 picks and 1 of them goes up. He will immediately call himself a genius and forget about the 19 other picks. They certainly are pricks.
that’s what I’m saying.. It goes along with the tits-for-clients thing.
It doesn’t take a genius to be able to “wooo” a client by taking him to a titty-bar.
Hickory Dickory Dock. My balls fell out of my jock. I laid them to rest On some hooker’s chest And paddled her face with my cock.
Joseph, I can infer from your mother goose rhyme that you must be a branch manager at a major wirehouse. Am I right?
In order to be a good Wall Street analyst, you need first to be a great marketer-- you need only to be an average at best “investor”.
Unfortunately, there are way too many portfolio managers and buy-side analysts that are at average and below. Those seem to be the people that need to follow Buffet’s advice the most-- but instead are too busy reading (and believing) the sell-side analyst reports that are given to them.
It’s a wacky business, and I wonder every day how the marginal people get by…
I wouldn’t exactly call most Wall Streeters “marketers;” more like used-car salesmen.. aka, slimey sales people
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