Tim Bliss is the author of the book Of Permanent Value 2010: The Story of Warren Buffett.
Bliss took notes while attending Dr. Jack McDonald’s class at Stanford Business School in 1978.
Dr. McDonald had invited Warren Buffett, who wasn't yet a household name, to speak to his class.
One of Bliss's notes from Buffett’s talk was particularly striking:
“No correlation between hard work and intelligence, maybe an inverse relationship… 80 hours work + 200 IQ = $0.”
Buffett’s point was that making money in the stock market is more about your approach and emotional makeup than sheer hard work or intelligence.
