"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”
If you read all of the above and still feel that you haven’t absorbed enough Buffett, then you have a problem. Fortunately, it is one you will soon be cured of. The two Buffet biographies - The Snowball: Warren Buffett and the Business of Life by Alice Schroeder and Buffett, Making of an American Capitalist by Roger Lowenstein - are thorough looks at the life and times of Warren Buffett. Lowenstein’s book is a bit more to the facts and Schroeders’ book was written with Buffett’s cooperation. Neither will change your knowledge of his investment strategies other than to emphasize that his approach evolved over time, but they will give you a long look at Buffett’s life and remarkable achievements.
In the video, Williams also shares her thoughts on what she looks for when picking businesses to invest in, including who the other investors are — their portfolios and their investing history — and the quality of the product. “I never do anything if I don’t really believe in the product,” Williams says. Though Williams now has a team that just focuses on her investments, she’s still very involved — admitting she might even be “too hands on” — and jokes she’s always thinking about those great investments that got away. “As a competitor, I just keep thinking about the ones I missed on.”