--- title: Why Warren Buffett's Early Letters Are So Important | TIME description: Author Jeremy Miller explains Buffett's letters from the 1960s, and how you can apply the advice found in them. canonical: https://time.com/video/FxO60zFl/ og:title: Why Warren Buffett's Early Letters Are So Important og:description: Author Jeremy Miller explains Buffett's letters from the 1960s, and how you can apply the advice found in them. og:url: https://time.com/video/FxO60zFl/ og:image: https://cdn.jwplayer.com/v2/media/FxO60zFl/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Why Warren Buffett's Early Letters Are So Important twitter:description: Author Jeremy Miller explains Buffett's letters from the 1960s, and how you can apply the advice found in them. twitter:image: https://cdn.jwplayer.com/v2/media/FxO60zFl/poster.jpg?width=720 --- # Why Warren Buffett's Early Letters Are So Important > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Why Warren Buffett's Early Letters Are So Important [Watch (HLS stream): Why Warren Buffett's Early Letters Are So Important](https://cdn.jwplayer.com/manifests/FxO60zFl.m3u8) (2:01)  _Published 2016-06-29. Author Jeremy Miller explains Buffett's letters from the 1960s, and how you can apply the advice found in them._ --- Jul 27, 2023 8:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Warren Buffett’s 5 Rules for Getting Rich MONEY](/video/42etKsmE/) ### Warren Buffett’s 5 Rules for Getting Rich MONEY [Big Numbers and Hints at a Successor in Buffett’s 2014 Letter](/video/6CnEa6Hn/) ### Big Numbers and Hints at a Successor in Buffett’s 2014 Letter [Buffett's Q4 Investments Include Stake In Murdoch's Fox](/video/btHIcGKY/) ### Buffett's Q4 Investments Include Stake In Murdoch's Fox --- ## Transcript [ MUSIC ] I think there are two principal lessons that investors can learn from Warren Buffet's letters. One is principles based. Stocks are businesses, they are not pieces of paper to be traded, but they don't necessarily reflect what a business is worth. And then the other His tactics. How do you actually go about finding stocks. These are all different areas that we explore in the book in terms of the various tactics that he used to convey his principles. [ MUSIC ] In order to invest in a company, You oughta have a good sense of what it's worth, independent of the market. I think too people rely on the stock market and the price of a security as a reflection of that stock's fair value. And what happens is when the price goes up [ MUSIC ] Everything's going well for the company and they buy it. And when the price goes down, they panic and they sell. If you can't independently value a business as if you own the whole thing, you should not. [ MUSIC ] To be successful in investing, you don't have to be necessarily successful at predicting. There's a tremendous amount of noise in the system around what interest rates are gonna do, or oil prices are gonna do or bond rates are gonna do, what the economy is gonna do, or what a company is gonna do Over the next month, year, three years. And, Buffet liberates you from having to make those types of predictions as, not necessarily necessary. And often times distracting and punitive. [ MUSIC ] [ BLANK_AUDIO ] ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Why Warren Buffett's Early Letters Are So Important","description":"Author Jeremy Miller explains Buffett's letters from the 1960s, and how you can apply the advice found in them.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/FxO60zFl/poster.jpg?width=720","uploadDate":"2016-06-29T14:58:42.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/FxO60zFl.m3u8","embedUrl":"https://time.com/video/FxO60zFl/","duration":"PT2M1S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/FxO60zFl/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```