These 5 Warren Buffett principles can help you match Buffett's corpus

Buffett famously said, “the most important investment you can make is in yourself”. Always seek opportunities to upskill and gain insights about the financial markets by reading, observing or any other means, if you wish to become a successful investor like Buffett. In Buffett’s words, knowledge is like compound interest, it pays off in the long-run.

As Buffett says, “risk comes from not knowing what you are doing”. While it is important to constantly expand your circle of knowledge, one should not just blindly follow any investment advice or stock tips given by friends, family members and others. Always do your own research to understand the stock or sector you wish to invest in.

“Buying wonderful companies at fair prices is far better than buying fair companies at wonderful prices”, says Bufffett. When you invest in fundamentally good companies, you are also investing in consistent returns and immense growth potential, which yields returns in the long run. Do not opt for mediocre business at cheap prices, in place of good businesses at reasonable prices.

Buffett is famously known to have said that his favorite holding period is forever. When you hold quality, good businesses over a long-period i.e. multiple market cycles and fluctuations, you can effectively harness the power of compounding returns to your benefit. Short-term fluctuations may deter you, but staying put in the long-run yields best results. Because, as the Oracle of Omaha says, “someone is sitting in the shade because someone else planted a tree long ago.”

Buffett notes that the most significant difference between successful and really successful people is that they say no to almost everything. You do not need to do multiple investments or things to be successful. Rather, focus on doing limited amount of things, or investments, but doing them right. That is what will set you apart and make you a successful investor.