At the 2006 Berkshire Hathaway Annual Meeting, Warren Buffett emphasized a core principle of successful investing: independent thinking grounded in solid facts and reasoning.
Quoting his mentor Ben Graham, Buffett reminded investors that being right isn’t about consensus—it’s about accuracy. “You’re neither right nor wrong because people agree with you or disagree with you,” he said. “You’re right because your facts and reasoning are right.”
Buffett stressed the importance of focusing only on what is both important and knowable. Investors should avoid being distracted by speculation or public opinion and instead concentrate on verifiable facts and what those facts truly mean. He warned against wasting energy on unknowable variables—no matter how important they might seem—or knowable facts that don’t actually matter.
Ultimately, Buffett’s message is clear: investing is not about following the crowd. It’s about finding valuable opportunities through disciplined, independent analysis—regardless of what others think.
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© 2025 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.