Quote:
In an interview hosted by money website Benzinga last week, the always quotable Buffett had a few new pearls of wisdom for the history books.
Asked for the secret to his investing success, the “Oracle of Omaha” took a leaf from Nike.
“The most important thing to do is just do it. Pay no attention to the headlines in the paper or people on television. Just put aside a little money every month — put it in a very low-cost index fund,” he told Quicken Loans founder Dan Gilbert and president Jay Farner.
“If you do that throughout your working career you’re bound to have substantial capital in the end. Don’t try to time it, don’t try to pick individual stocks, just put X dollars per month away and you’ll live a very comfortable life.”
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Just wondering, does anyone here adopt this strategy, where basically you put some money aside each fortnight/month/whatever and put it into the market? What do people think of this strategy?
I read the above, and particularly the bold, and it appealed to me. I know he says not to pick individual stocks, but I am more familiar with that than index funds. So I was thinking I could put some money aside every month, and allocate it to various blue chips depending on the SP at the time, say, for example, CBA, JBH, BHP etc, and just accumulate it for pretty much my entire life instead of looking for selling opportunities.
Thoughts?
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