Stock market made millionaires

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Or Just a Headache? The 3 Secrets of Self-Made Billionaire Investors By Dan Ferris Stocks. Warren Buffett was born in and became a child of the Great Depression.

George Soros was born the same year, and became a child of the Great Depression, the Holocaust and WWII. Carl Icahn was born in He was once so broke he had to sell his car to feed himself. At first glance, they don't seem to have much in common Buffett buys stocks and whole companies and says his favorite holding period for investments is "forever. Icahn buys controlling stakes in public companies and badgers management to sell assets, buy back shares and do anything to realize hidden value.

But they do have some traits in common, a few core investing ideas that helped make them billionaires.

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Like every great secret of life, this one is hiding in plain sight. These three self-made billionaire investors Consider what is likely your greatest source of wealth generation: You probably haven't diversified at all in your career. Even if you tried many different careers, you were never doing several of them at once.

And, even if you do more than one job, it's highly likely you spend the great majority of your time at just one of them and that just one provides the great majority of your income. For many years, Buffett had most of Berkshire Hathaway's money in just four stocks: American Express, Coca-Cola, Wells Fargo, and Gillette.

Today, most of Berkshire Hathaway's money is still in just four stocks: Wells Fargo, Coca-Cola, IBM, and American Express. After Tappan, Icahn targeted a real estate investment trust called Baird and Warner. Soros manages risk differently than Icahn and Buffett. He says the first thing he's looking to do is survive, and he's known to beat a hasty retreat when he's wrong. He keeps loss potential in mind before trading.

Wall Street wouldn't buy shares of The Washington Post when Buffett started buying it in February They were too scared because the overall market had been falling for some time. Soros talks to lots of people to get a feel for where a market is going. But he never talks about what he's buying or selling. He just does it. Carl Icahn doesn't need Wall Street, because he has his own research team.

Icahn's people comb through thousands of listed companies to find the ones that are right for Icahn's corporate raider style. Icahn has to have his own research team. If he bought research from Wall Street, the whole world would figure out what he was doing, and it would become difficult to buy shares cheaply. Think for yourself, avoid risk, and don't attempt to diversify into a bunch of investments you don't understand. A Triumph of Lethargy and Sloth By Chris Mayer.

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