Real Ray
20 May 2005, 06:22 PM
http://biz.yahoo.com/ms/050518/132082.html?.v=1
Some interesting points-the topic of tempermant vs IQ something we all could take note of :
Buffett's answer was instructive. "Financial success doesn't perfectly correlate with I.Q. ...but with temperament, which is hard to measure. You need some I.Q., but temperament is key." In elaborating, Buffett explained that he thought it was partly because they knew where they ranked on the intellectual scale and had a strong idea of the boundary of their circle of competence. He also noted that it took a certain temperament to be able to make independent judgments and not be influenced by others. "The difficulty is that you will be continuously offered many different things [by the markets]." Munger said he believes their advantage is that they have a better understanding of what they don't know, and even noted that a 200 I.Q. would be a disadvantage, as it would likely foster overconfidence. "See yourself as you are, not as you hope to be."
Some interesting points-the topic of tempermant vs IQ something we all could take note of :
Buffett's answer was instructive. "Financial success doesn't perfectly correlate with I.Q. ...but with temperament, which is hard to measure. You need some I.Q., but temperament is key." In elaborating, Buffett explained that he thought it was partly because they knew where they ranked on the intellectual scale and had a strong idea of the boundary of their circle of competence. He also noted that it took a certain temperament to be able to make independent judgments and not be influenced by others. "The difficulty is that you will be continuously offered many different things [by the markets]." Munger said he believes their advantage is that they have a better understanding of what they don't know, and even noted that a 200 I.Q. would be a disadvantage, as it would likely foster overconfidence. "See yourself as you are, not as you hope to be."