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Buffett's annual letter: Learn from my real estate investments

Stashed in: Warren Buffett, Investing, Investing, Letters

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You don't need to be an expert.Common knowledge is that you need to be an expert at every thing you get into. From personal experience -- and after losing a lot of money, if I don't understand it, I don't invest in it.

In general that's a good rule: If you don't understand it, steer clear.

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