[A Sip of a Book] Warren Buffett Emphasized the 'Money Mind'

Some sentences encapsulate the entire content of the book itself, while others instantly reach the reader's heart, creating a connection with the book. We introduce such meaningful sentences excerpted from the book. - Editor's note

Warren Buffett, the legendary figure known as the "Investment Genius" and the "Sage of Omaha." In September 2022, he was ranked 7th richest person in the world by Forbes. His fortune amounts to approximately 133.051 trillion KRW, making him the only person in the TOP 50 who amassed wealth solely through investment. He first mentioned the term 'money mind' at the Berkshire Hathaway shareholders meeting in May 2017. He declared that although many people with high IQs accomplish a lot, if they lack a money mind, they are not the people we want. While existing books about Warren Buffett focused on 'What does Buffett do?', this book emphasizes 'How does Buffett think?'. Buffett stresses that what is necessary for successful investing is not intelligence, talent, or luck, but precisely the 'money mind.'

"We want someone, and we hope that person has great talent, but if that someone lacks a money mind, he is never the person we want." Money mind. It was the first time I heard this word from Warren Buffett's mouth. That very moment, despite having studied Buffett for such a long time, I realized I only knew about half of him.

Due to the bipolar movements of the stock market, many investors make wrong decisions. Unable to distinguish between value and price, investors view rising prices with greed and envy, and falling prices with fear and worry.

Warren Buffett has successfully led his investment life for 65 years. Considering the nature of the financial industry, where even star fund managers find it realistically difficult to maintain their reputation for more than 10 years, Buffett's 65-year successful investment history is a clear reason and motivation for us to read, study, and acquire the philosophical lessons we have examined earlier.

Whether a company is good or not, every company faces unexpected difficult times. Generally, when the situation is good, management communicates freely with shareholders, but when the situation is bad, we can learn more about the company.

Warren Buffett Money Mind | Written by Robert Hagstrom | Translated by Oh Eun-mi | Flow Publishing | 348 pages | 19,000 KRW