Comment: Warren Buffet's Bible

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Michael Nystrom's picture

Warren Buffet's Bible

Is called The Intelligent Investor, by Benjamin Graham.

The whole idea behind it, and therefore behind Buffett's strategy is to buy solid companies that never go out of style that are undervalued. Buy low, and hold on for the long ride. Start rolling a gigantic Snowball early.

But again, with all the excess money floating around, is hard to find bargains.

In my neck of the woods, 2 bedroom condos start at 300K. Personally, that is not my idea of a bargain. But I grew up in a duplex that my dad bought for $18,000. He bought the entire duplex for $18K, then rented out the bottom half which paid off the mortgage.

That is the kind of deal I call a bargain. Those kinds of deals cannot be found in Boston. Not now.

Detroit, definitely. There was an article on here the other day: Why I bought a house in Detroit for $500

Go pick up a bakers dozen of those. Detroit will eventually bounce back, I'm pretty sure of that.

The time to buy is when there is blood running in the streets. As everyone is rushing out of Detroit (and other such places), this is the time, not to rush in, but certainly to investigate.

Again, good luck. Please share with us what you learn.

He's the man.