Morgan Housel

And I mean, and then turned it into half a trillion.

And so that's, but I think the biggest lesson here, and this is the most important for ordinary people, is that like, look, you can't pick stocks like Buffett.

You can't analyze businesses like Buffett.

He's smarter than you.

And he operated in a different era than all of us.

So don't try to emulate that.

What you can emulate, especially for young people, of course, is the most important and powerful thing that he did is that he was a good investor for 80 years.

And it's just the time that he was doing it for that made all the difference in the world.

So I pointed this out in my first book.

If you look at his net worth, 99% of it came after his 60th birthday.

99% of his net worth was accumulated after his 60th birthday.

So if he had retired when he was 60, when he was worth a couple hundred million bucks, like pretty good, you would have never heard of the guy.

The whole reason he became so famous and so wealthy is that he started investing when he was 11 and he retired last week when he was 95.

I think there's quite a bit.

One is I think what Berkshire did, what Buffett did for 60 years is on one hand so unbelievably simple.

And on another hand, almost impossible to replicate.

And it's hard to kind of square those two.

But what it required was an unbelievable amount of patience, an unbelievable amount of goodwill in terms of the trust that he had among all other businesses, among his investors, among regulators, because everybody around him just left him alone to do his thing because they trusted him.

And I think that's an overlooked part of this.

Like any other hedge fund manager, private equity fund manager would not have the trust among their investors, among portfolio companies, anybody to let them do what Buffett did.