6 of 40
BACK NEXT
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
More Galleries
Cool cars from the 2015 Geneva Motor Show These are some of the stand-out cars and trucks on display at the 2015 Geneva Motor Show. More
Yahoo: 20 years of hits and flops The company that once was Google turns 20. We look back at the many, many brands it has cycled through. Remember Geocities? Broadcast.com? More
10 big dot-com flops Remember Pets.com? The Nasdaq is roaring back towards its all-time high. Here are some of the biggest dot-com busts from the last time the Nasdaq topped 5,000. More

Special Offer