Buffett tells us that successful investing does not require having a high IQ or taking the formal courses taught at most business schools.
What matters most is temperament. And when Buffett talks about temperament he means rationality.
The cornerstone to rationality is the ability to see past the present and analyze several possible scenarios, eventually making a deliberate choice. That, in a nutshell, is Warren Buffett.
Those who know Buffett agree it is rationality that sets him apart from the rest.
Roger Lowenstein, the author of Buffett: The Making of an American Capitalist, says, "Buffett's genius is largely a genius of character - of patience, discipline and rationality."