Marks states Buffett attributes his success to just 12 investments over 60-70 years without many abject failures.
“Warren Buffett, the most successful investor of all times, attributes his success to 12 investments over the last sixty, seventy years. Now he didn't have that many abject failures,”
Marks cites Buffett's principle that investor imprudence requires greater personal prudence and should signal worry.
“Buffett says, the less prudence with which others conduct our affairs, the greater the prudence with which we must conduct our own affairs.”