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Study Warren Buffett
Whitney Tilson
Founder and managing partner of T2 Partners and the Tilson Mutual Funds

About 12 years ago I was trying to learn more about personal investing. My good friend Bill Ackman, currently a hedge fund manager for Pershing Square Capital Management, told me, "Read all of Warren Buffet's Berkshire-Hathaway shareholder letters. That's all you need to know."

I've been reading them voraciously ever since. They teach the principles of sound investing: Buy a stock only when you can purchase it at a large discount from what any rational cash-paying buyer would pay per share to own the whole business.

NEXT: Leave your money alone

Last updated July 22 2008: 11:27 AM ET
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