During his European tour last week, Warren Buffett held four news conferences in four days and answered a lot of questions.
While a few of his answers generated headlines, most did not.
There was, however, one answer in Madrid that stood out to me as I listened to all those questions and answers in a variety of languages.
It's not new, so it's not news. But this one, brief, answer is essential to understanding how Warren Buffett has been so incredibly successful with his investments over the decades.
Buffett was asked to name the most important lesson he learned from his mentor, Benjamin Graham.
Instead he listed three, using just 85 seconds to deftly describe the trio of "bedrock" ideas that have helped make him the world's richest man.
It all comes from this ....