Investing is very similar. You must be able to:
1) value a business and
2) wait for the right price.
You should spend at least as much time reading annual reports as you do studying books on value investing. I’m not saying you don’t need to master the great books and writings on investing. On the contrary, this is essential too.
Nevertheless, as you master the framework and develop your own investing process, more and more of your time and energy shouldshift to studying businesses.
1) value a business and
2) wait for the right price.
You should spend at least as much time reading annual reports as you do studying books on value investing. I’m not saying you don’t need to master the great books and writings on investing. On the contrary, this is essential too.
Nevertheless, as you master the framework and develop your own investing process, more and more of your time and energy shouldshift to studying businesses.
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