One of my favourite quotes: "Adam Smith: If a younger Warren Buffett were coming into the investment field today, what areas would you tell him to point himself in? Warren Buffett: Well, if he were doing â if he were coming in and working with small sums of capital Iâd tell him to do exactly what I did 40-odd years ago, which is to learn about every company in the United States that has publicly traded securities and that bank of knowledge will do him or her terrific good over time. Smith: But thereâs 27,000 public companies. Buffett: Well, start with the Aâs."
"Cheap" fundamentals, transparent accounting, less foreign competition, a persistent uptrend, less participation in the market....advantages Buffett had when he started out that will probably never occur again for any rookie.