When Warren Buffett spoke at the 2004 Berkshire Hathaway Annual Meeting, he reinforced a simple yet powerful truth: the fundamentals of investing have not changed over time.
“There’s nothing different, in my view, about analyzing securities now than there was 50 years ago,” Buffett stated. That statement, coming from one of the greatest investors of all time, is a stark reminder that while markets evolve and technology advances, the core principles of value investing remain unchanged.
Buffett and his partner, Charlie Munger, built their empire by following a disciplined approach to investing—an approach rooted in understanding businesses, reading voraciously, and focusing on opportunities where intrinsic value far exceeded price.
“We would look for things that jumped out at us as being very cheap in relation to the value,” Buffett explained. This patient and analytical mindset has set them apart in an era where many investors chase short-term gains and market trends.
One of the most striking insights Buffett shared was on temperament. Investing, he argued, is not about possessing extraordinary intellect but about maintaining extraordinary discipline.
“The temperament is all important. I mean, if you can’t control yourself, no matter what the intellect you bring to the process, you’re going to have disasters.” These words ring especially true today when speculative bubbles and market euphoria lead many to abandon rational thinking.
The dot-com bubble, the 2008 financial crisis, and countless other market manias illustrate his point: “What we learn from history is that people don’t learn from history.”
Buffett also touched on the distinction between having a “money mind” and a “business mind.” As he put it, “Phil Carret used to talk about having a ‘money mind,’ and I would call it a ‘business mind.’ And, you know, there are people that are better with, you know, identical IQs, that are better adapted for one than the other.”
His insight highlights that success in investing isn’t solely about intelligence; it’s about having the right mindset and the ability to maintain composure amid uncertainty.
As markets continue to fluctuate and investment fads come and go, Buffett’s wisdom remains relevant: stay rational, stay patient, and above all, stay disciplined.
You can watch the entire meeting here:
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