The Importance of Having a Core Philosophy

I've learned from watching people like Warren Buffett about how important it is to have a core philosophy that is yours. 95% of the active money managers that run into have no core philosophy. I think if you have a philosophy, it's a way of thinking about markets and why you should be able to take advantage of mistakes. Mike Maboussons one of my favorite people to talk to a big guy. When you talk about Renaissance, man, he's one of those. He can talk about philosophy, he can talk about psychology, he can talks about finance, he cantalk.