Why I’ll never be Warren Buffett

I ought to be a natural Warren Buffett. I’ve never had any difficulty doing the opposite of what everyone else is doing. If there ever was anyone capable of being ‘fearful when everyone else is greedy and greedy when everyone else is fearful’, it’s me. Why, then, is Warren Buffett worth tens of billions and I’m scratching to break even after years of investing?

It isn’t that I haven’t been on the lookout for what Buffett calls ‘moments of maximum pessimism’. I have. I’ve been buying into them strongly. It’s just that there have been so many moments of maximum pessimism that I’ve used up all the cash I put aside for investing this year. So when it comes to the big one — the one economic historians will eventually identify as the real moment of maximum pessimism — I will have no money left. But Buffett will no doubt scoop up the shares I should have been buying, and make another fortune at the expense of suckers like me.