• 00:23 Warren Buffett initially had the wrong idea about investing in stocks and believed it was all about predicting short-term market movements based on technical analysis.
• 01:04 When Buffett read "The Intelligent Investor" by Ben Graham, his perspective shifted, and he started buying businesses that were publicly traded instead of just focusing on stocks.
• 01:43 Buffett emphasizes the importance of loving what you do and being passionate about your work for long-term success.
• 03:06 Buffett's investing strategy revolves around buying and holding American businesses (stocks) for the long term, rather than speculating on short-term market movements.
• 04:38 He derives happiness from doing what he loves and enjoys the process of investing in businesses and watching them grow over time.
• 05:59 Buffett believes that people would be better off if they treated their investments as ownership in businesses rather than merely trading stocks.
• 06:43 Intelligent investment opportunities may come only once in a while, but foundational work and understanding the economy are crucial for successful investing.
• 08:23 Buffett highlights the remarkable progress and wealth the United States has achieved in his lifetime and how technology has vastly improved people's lives.
• 09:30 Despite challenges, people in the United States have seen significant improvements in their living standards and wealth, making it a land of opportunity and prosperity.

Focus on return on invested capital, not P/E.

Income/Invested capital = how hard your assets/capital are working for you; how efficiently the business is using their capital.

A sell signal is flashing on Buffett’s favorite indicator.

MarketWatch: Warren Buffett said this metric signaled the 2001 crash — now it’s sounding the alarm on global markets.
https://www.marketwatch.com/story/warren-buffett-said-this-metric-signaled-the-2001-crash-now-its-sounding-the-alarm-on-stocks-around-the-world-2020-08-12

Business Adventures: Twelve Classic Tales from the World of Wall Street by John Brooks https://amzn.to/2Xr8wtR