Warren Buffett emphasizes the importance of not losing money as the primary rule of investment. He advises that the stock market's closure for an extended period should not affect a good investment. Prices are irrelevant to him; the intrinsic business value is more important. Buffett believes in valuing businesses without considering their stock prices and acknowledges he doesn't need to understand every market element to succeed.
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00:00The first rule on investment is don't lose and the second rule on investment is don't forget
00:04the first rule and that's all the rules there are. If you're making a good investment in a
00:07security it shouldn't bother you if they close down the stock market for five years. All the
00:11ticker tells me is the price. Prices don't tell me anything about a business. Business figures
00:15themselves tell me something about a business but the price of a stock doesn't tell me anything
00:19about a business. I would rather value a stock or a business first and not even know the price
00:25so that I'm not influenced by the price in establishing my value. I don't have to make
00:30money in every game. I mean I don't know what cocoa beans are going to do. I don't you know
00:33I there are all kinds of things I don't know about and that may be too bad but uh you know
00:39why should I know all about them? I haven't worked that hard on them.