Before prognostication, a disclaimer: I have never been able to pick a winner. Not that it has ever stopped me from trying to. Well, it has stopped me from buying stock, but let's not talk about that.
Sentiment: NEGATIVE
You'll get nowhere buying stocks just because they have a great story.
I could never gamble on stocks and shares because I saw my father get hurt that way - he lost quite a lot of money when the stock market collapsed in 2001.
When I ran the stock exchange, it was the most successful it's been in its 200-plus-year history. And I was rewarded for success; I would not have been rewarded if we failed.
I didn't generate my success by being a prognosticator. I developed my reputation building our businesses by building great businesses and making them more efficient.
Do not buy the hype from Wall St. and the press that stocks always go up. There are long periods when stocks do nothing and other investments are better.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
I've been investing in the stock market for 27 years and, within that time, have helped investors beat the market nearly four to one.
I had a few stocks, but stocks took a dive. I never sell my stocks.
I bought a company in the mid-'90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
I will never be in the stock market. It's just gambling. I'm a gambler, but I'll gamble on the practicality of things.