Although I agree with all the advice and pretty much what you are saying, I cannot take advice from people who make money due mostly to luck and then create a narrative and calling it "expertise".
It is similar to lottery ticket winners advising others post-hoc, how to be lucky. In fact, the very presence of 1% rich people on this world signifies the statistical spread of wealth. So many people follow Buffet's books yet so few make a fraction of what he makes.
It is mostly luck.
Also, unless I'm mistaken. Buffet did put all his eggs in one basket.
Yeap. he gambled a lot in the beginning. We don't hear about the failed Buffets that did the same because nobody wants to hear it from a loser. Many people forget about these things.
I would say both are right, and it takes a combination of discipline/education and luck. Neither will get you to such levels of wealth by itself.
I hear getting a small loan of one million dollars from your father also helps in the world of business. =)
up to a point it can. If you make a few million, the rest can come by itself.
Also you forget that some people bet on football or horses and have a winning streak at the beginning. if you get that in stocks then you are pretty much said afterwards even if you are losing most of the time.
That is a really good point - a bit of luck in the beginning goes a loooong way.