Subject: Re: The real interview
Warren Buffett: “if you have an IQ of 150 sell 25 points you don’t need them. You need to be a little smarter than average but not brilliant. Super High IQs can even sometimes subtract from results..”


As a footnote. In this present environment here’s the profit center of major firms like Fidelity (shamelessly shaving 42 bps on MMs!), Schwab, etc….

1.) Holding your cash (I calculated about 1/3 of Fido’s income from all sources!)

2.) Margin interest lending

3.) Options commissions.

They PROFIT massively on THEIR side of the above transactions. Something to consider with “why risk capital when piles of cash plus smart opportunistic strategizing can do the trick?”

That’s why we intuitively reject Warren & Charlie’s: “its simple but it not easy”..

And instead do “it’s complicated and extremely difficult. And that EARNS REWARD”.

Warren Buffett “there are no bonus points for degree of difficulty”.

Our brains are wired to simply reject this thinking. There MUST be a reward for brilliance, right? There IS in almost all other walks of life, right?