Don't base your decisions upon what everyone is saying or doing.
When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball.
He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money.
People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million.
Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year.
To Warren Buffett,
- the average is just that -- what everybody else is doing.
- to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world's.
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