Advice

(My discussion with VW continued.)

"Szeto, if we have to invest for ourselves, do you have any specific advice?" VW was, as always, humble.

"Alas, I suppose you can get much better advice from Warren?" I smiled.

"I'm afraid it is not always easy to follow Warren's footsteps. Many a time I find his approach rather aggressive..." the professor of hepatology murmured.

"That really depends on your point of view. Although leverage is sometimes used, by and large Warren doesn't trade that much; he just buys at a low price and holds. If you follow the definition of Benjamin Graham, Warren is a true investor - and a daring one, too!"

"How about you?"

"I trade - not very often, but I do buy at one time and sell at another. No item is permanent in my portfolio and everything could be given away when the price is good. By Graham's classification, I am unfortunately a speculator - maybe a conservative one, but a speculator all the same."