Quote from Berkshire Hathaway 1992 Annual Report:
"What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know. An investor need to do very few things right as long as he or she avoids big mistake."
In here, I reckon Warren is pointing out to investors to make take all measures to ensure they know what they are investing in so as never to lose money. "Never to lose money" is the all important mindset and the "big mistake" that an investor must avoids at all cost even if it means staying on the sideline by sucking thumb till called upon.
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