It’s interesting how down-to-earth one of the wealthiest people in the world is. Warren Buffett provides some great insights into longterm investment and his success (in collaboration with Charlie Munger).
Most relevant to me and my current situation is …
Beware of macro opinions. Instead focus in on things to get a better understanding.
“Forming macro opinions or listening to the macro or market predictions of others is a waste of time.”
Know your “circle of competence”. Know what you don‘t know.
“It’s vital, however, that we recognize the perimeter of our “circle of competence” and stay well inside of it.”
Mr. Buffett’s instructions as to where his money will be invested (after his death):
“My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s. (VFINX)) I believe the trust’s long-term results from this policy will be superior to those attained by most investors …”
I will certainly consider that.