I decided to learn everything I possibly could from the most successful and ethical investor in the world, Mr. Warren Buffett. I realized I was no financial genius, but I was highly confident that most of Mr. Buffett's rules for success in the stock market could be readily applied to my area of expertise: the buying and selling of rare collectibles.
Over the past 35 years, I have purchased rare coins for $100,000 that are now worth $2,000,000, bought unique stamps for $25,000 that are now worth $250,000 and even paid (twice) to have lunch with Warren Buffett.
I firmly believe there's absolutely no reason to re-invent the wheel when it comes to success. It's far easier to learn the lessons from legendary businessmen that have already graduated from "The School of Hard Knocks." You can save a lot of time and heartache that way.
I have read every book and magazine article I could find on Warren Buffett. I have read every one of Mr. Buffett's Berkshire Hathaway annual reports, and I've faithfully attended his yearly meetings in Omaha, Nebraska for the past 15 years.
In 2000 and 2001 I even went as far as paying $20,000 to have lunch with Mr. Buffett (when I have a goal, I go after it!), so I could personally have him answer all of my last remaining questions on his rules for success. Of course, people thought I was crazy at the time (you paid $20,000 for lunch???), but this was unquestionably the smartest money I've ever spent.
And now that lunch with Mr. Buffett goes for over $4.5 million (no, that is not a typo) — an appreciation of over 225 times my cost – I can also argue that this was the best investment I've ever made!
Advice worth its weight in gold!
Here's what Mr. Buffett told me, and how my clients and I are following his advice to maximize the most significant collectibles opportunity I have ever seen:
1. Buy quality.
Quality is remembered and appreciated long after the price is forgotten.
Follow this golden rule! It's critical to understand that sophisticated collectors always want the very best. For these savvy folks, price is secondary, and quality comes first. Museum-quality will always be highly sought after and become increasingly desirable while run-of-the-mill variety will never rise above dull and unexciting.
2. Buy for the long term.
…with the idea of holding forever.
Rare collectibles are scarce and all but impossible to find. It takes a tremendous amount of time and energy to track down top tier material. You must realize that what you sell today could very well be impossible to replace at any price tomorrow. When you buy the best, it just keeps getting better. So think long term, every successful collector I have ever heard about or worked with has embraced this strategy.
3. Patience is critical.
Wait for the perfect pitch, right down the middle of the plate.
This one's going to be tough for you to follow because it involves fighting human nature. The posters we recommend are tough to find, and our client's demand far exceeds what small supply we can locate.
I urge you to resist the temptation to rush out and acquire items that are inferior in quality and desirability. It's easy to place funds in second-tier material because these items are always readily available. Don't do it; you'd be shooting yourself in the foot.
4. When the opportunity presents itself, act quickly and swing for the fences.
I have done everything in my power to illustrate for you why 1960s psychedelic rock concert posters represent one of the most compelling opportunities of all time. But it's not enough to identify an opportunity. It's more important, far more critical, to decisively act on rare opportunities and exploit them to their fullest potential.
The most important call of my entire career
Whatever success I've achieved can be directly attributed to staying focused, with laser-like intensity and discipline, on what I've proven to be one of the best in the world seeking out and discovering the "next big thing in collectibles"!
1960s psychedelic rock concert posters are ultra-rare, historically significant, museum-quality works of art that can be beautifully displayed and are trading for just a tiny fraction of what they should be.
Each week more collectors recognize these poster's unique appeal, each month the appreciation of their rarity in mint condition escalates exponentially, and each year a more significant portion of the small available supply is placed into long term collections, never to appear in the marketplace again.