For sure this comment needs context as Marc certainly knows that no single attribute makes a great investor. Bear in mind too, that we would classify Marc and Jimmy as traders - not investors with a kindred Warren Buffet spirit. It is a mix of skills, knowledge, character, experience and good old fashion street smarts that great investors possess.,
That's why we strongly recommend that serious investors have access to at least three types of financial advisor. Namely, building a team consisting of conventional, contrarian and maverick advisors provides a sound diversity of related skills, knowledge, experience and process. But never, ever, ever, ever place full reliance on just one advisor or related group, no matter how smart or conservative they appear; that's investor suicide, because sooner or later everyone is wrong and that could be completely devastating.
To expand on this topic, investing requires the application of what we term "thought models" and what better person to defer to in this regard other than Charlie Munger, Warren's personal guru behind the salesman. Here's a website you may go to, that has been modeled to some degree around Charlie, that should give you some of the multiple thought processes and conceptual tools these guys keep at their disposal.
Be patient, learn, listen and apply. But most importantly, surround yourself with investors/thinkers that are much better than you. And remember the two most paramount investing rules. First, never lose any money. And secondly, never forget the first one.
Enjoy the site and drop us line with any thoughts.
Dr Peter G Kinesa
May 31, 2013
PS. We no have affiliation economic or otherwise with this site and refer to it for purposes of illustration and insight. Think Mental Models