Warren Buffett Money Quotation shows his belief that personality traits matter more than intelligence when it comes to investor success – especially the need to move money with the whim of the crowds.
“The most important quality for an investor is temperament, not intellect… You need a temperament that neither derives great pleasure from being with the crowd or against the crowd” — Warren Buffett
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Warren Buffett is saying that an investor’s personality and emotional traits are more important than their intelligence for success. He emphasizes that a good investor needs to make decisions based on rational analysis of the facts, not be swayed by what the majority of other investors are doing. They should not feel pleasure from simply agreeing or disagreeing with the crowd.
Instead, a good investor maintains an independent and even-keeled temperament, and is not emotionally driven to conform to or oppose prevailing opinions in the market. This allows them to objectively evaluate investment opportunities and make level-headed decisions.