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"Name me one super-wealthy economist"

Buffett2016-02-29interviewOpen original ↗

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SpeakersWarren1
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WarrenI don't pay any attention to what economists say, frankly. Well, think about it. I mean, you have all of these economists with 160 IQs that spend their life studying it. Can you name me one super wealthy economist that's ever made money out of securities? I mean, just go down the list. No. No. Cain's actually, in his early years, tried to make money in stocks by predicting what business would do. And he gave it up. And then he went over to a Graham-type approach. It's very interesting to read his history on this, because he thought he could, by looking at various economic variables, pick what he called the credit cycle and make a lot of money, and he broke a couple of times in doing it, had to borrow from people. And then he settled on buying good businesses cheap that he understood in concentrating his investments. And he did it very well. It's an interesting history. But if you look at the whole history of them, they don't make a lot of money buying and selling stocks, but people who buy and sell stocks listen to them, which is, I have a little trouble of that.