In his 1996 Berkshire Hathaway Annual Letter, Warren Buffett says to be successful at investing, you don’t need to understand complex concepts like beta, efficient markets, modern portfolio theory, option pricing, or emerging markets. Instead, you should focus on two key principles: how to value a business and how to think about market prices. Your goal should be to purchase shares of easily understandable businesses at a reasonable price. Here’s an excerpt from the letter: Q3 2023 hedge fund letters, conferences and more To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging […]