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This Woman Sits Next to the World's Greatest Investor

Monday, September 23, 2013 5:37

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You may not know investor Meryl Witmer’s name… but you should.

She has worked closely with some of the planet’s best-known investors, including Michael Price, Mario Gabelli, and most recently, the best-known of all… Warren Buffett.

Warren Buffett is the world’s third-richest man. He is the best investor in generations.

Earlier this year, he asked Meryl to pull up a chair next to him, a few times a year.

Specifically, Buffett chose to add Meryl to his board of directors. Meryl is the first person added to the board in four years.

What has she learned working next to Buffett and other investing legends? Last week, she shared those answers, when she gave her first-ever appearance on CNBC.

She said all these legends have similarities…

•	They’re confident, but they’re humble.
•	When they’re presented with new information, they’re willing to change their minds… They’re willing to say they’re wrong. And that’s a pretty rare trait amongst people.
•	They’re all optimists… It’s funny because they take advantage of adversity, to some extent… in that, you actually have to be an optimist and say, “Hey, this is going to come back.“
•	People like them and they want to help them. I think that’s because they treat people fairly.

I have been fortunate enough to get to know many very successful investors and businessmen. I fully agree with Meryl… And I think these traits not only apply to successful investors, but to successful people in general.

The most successful people over the long run have all of these traits.

I know some guys that made a fortune in the short run, but lost it all. And if they lost it, it was usually because they were missing one of those traits above…

Maybe they lost their fortunes because they were overconfident and got overleveraged… or because they walked all over their employees and it eventually caught up with them. If you want long-run success, then stick to those four points.

After she shared her list, Meryl said, “The key thing is that ability to change your mind when new information comes.“

She’s right again here. The most important skill – and most extraordinary one – is the simple ability to change your mind when the facts change.

“A lot of people will stake out a claim, and defend it until they fail,” Meryl explained. But the legends she’s worked with are “very happy to get new information, even if it contradicts what they’re thinking and they’ll change their mind.“

Meryl Witmer sits in one of the most prestigious seats in business… She is on the board of directors of Warren Buffett’s company. She knows what success looks like… And it’s those four things.

Be honest with yourself… Do you really embody those four traits? When in doubt, remember these four traits and choose the path that these traits suggest.

You’ll be following the path of the greats…

Good investing,

Steve

Source: http://www.stansberryresearch.com/dailywealth/2521/this-woman-sits-next-to-the-world-s-greatest-investor

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