Warren Buffett and the "Money Mind"

​Over the weekend (Saturday May 1st), Warren Buffett and Charlie Munger held their annual shareholder meeting for Berkshire Hathaway, and as usual, it was a filled with timeless wisdom for investors and non-investors alike. I highly recommend you listen or watch the entire meeting, as both Warren and Charlie continue to dazzle us with their insightful thoughts and ideas. If you don't have 3+ hours to watch the meeting I would recommend you read the short conversation (see below) between author Robert Hagstrom and Lauren Foster of the CFA Institute. 

If you've ever Googled "Warren Buffett" and "books to read," you'll find Robert Hagstrom's first book on the list, "The Warren Buffett Way."

​The Warren Buffett Way spent five months on the New York Times bestseller list in 1994 and '95, and is routinely included in lists of the best books to read on the Oracle of Omaha. Robert is a CFA charter holder and a Senior Portfolio Manager at Equity Compass, where he launched the global leaders portfolio. He also serves as Chairman of the Investment Management Committee for Stifle Asset Management. A recent conversation between Robert and Lauren Foster of the CFA Institute is all about this concept of a money mind.

What exactly is a money mind?

What are the components?

And importantly for investors, can they be learned? 

Below is a quick excerpt between Lauren Foster of the CFA Institute and Robert Hagstrom. 

• Lauren: "Well, we're going to delve into that a bit more deeply because temperament sounds like a straightforward concept, but it really isn't. I was actually looking in the dictionary ahead of our conversation today thinking, can I come up with a good definition? And I went through several different definitions. And they're all a little bit different. So walk us through temperament and why that is so critical as an element of a money mind."
• ROBERT: "Well, Plato actually talks about temperament in his cardinal virtues. But he doesn't use temperament. He used sound mindedness. And so when you think about sound mindedness, you think about, it is multilayered. It's multifaceted. It is dynamical. And there's many parts to it. And in the book, we go through all of the building blocks of what it takes to construct or actually achieve a money mind. And you're right. It's not just one thing. It's multiple things."

Click the PDF below to get the entire conversation and learn more about the Money Mind.  

-Paul R. Rossi

Warren Buffett and the Money Mind.pdf
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