How Buffett Bounces Back

How Buffett Bounces Back (Como Buffett Recupera 'das perdas'...)
In "Businessweek", (abaixo uma parte do artigo, com algumas partes sublinhadas por mim):

The ability of the "Oracle of Omaha" to recognize and learn from his missteps is
one of his greatest strengths as an investor
by Ben Steverman

But the country's most famous investor has made some infamous mistakes, too. Buffett's blunders offer their own lessons to investors trying to emulate the "Sage of Omaha."
"He might be the best in the business, but his batting average is far below 1,000," said Timothy Vick of Sanibel Captiva Trust, author of How to Pick Stocks Like Warren Buffett.
A key lesson, Vick said: "You have to learn from every mistake and keep them isolated and keep them small." Buffett is open about his investing missteps, often detailing them in his annual letter to Berkshire shareholders. He usually takes all the blame himself, shielding his underlings and his business partner, Charlie Munger.

...

Waiting for the Right Opportunity
The biggest mistakes for any investor can be mistakes of omission, investments not made that could have performed spectacularly. But Vick says investing like Buffett requires patience. It's O.K. to pass up those ideas from time to time. "You don't have to chase everything," Vick said. It's better to wait for the right opportunity than to jump on every fad.
When you realize you've made a mistake, what next? Buffett's record suggests it sometimes makes sense to cut your losses. He shut down a failing textiles business in the mid-1980s, for example. But often Buffett sticks with his mistakes, even after he admits they were bad ideas to begin with. An investment in USAir (LCC) was nearly wiped out in the '90s, but Buffett held on until it recovered again. "Time erases a lot of mistakes, especially when you're investing in a decent business that can grow," Vick says.
The occasional investing failure is inevitable. Even the best money managers screw up, and even the worst get lucky. Keep this in mind when choosing someone to manage your money, Vick advises. "You want someone who acknowledges mistakes and is humble about successes," he said. Kind of like the Sage himself.

Ler o artigo completo em: http://www.businessweek.com/investor/content/jun2007/pi20070629_065445.htm?campaign_id=rss_daily