Focus on Process: No one in this group is outcome-focused. They are all process-oriented investors. Understanding probabilistic outcomes, learning from errors, failing well were qualities frequently cited by members of this group.
Read widely: This is another trait almost all members of the group shared. They didn't just read finance-related books, but a huge variety of works of history, biography and philosophy. The billionaires sought to get smarter, learn more and have a deeper understanding of the world.
Be Lucky: The consistent acknowledgement of the role of serendipity played in their lives was perhaps the most surprising of all the sentiments shared among this crew. Every person mentioned how much random good fortune had come their way.
Opportunity Knocks: Combine hard work with luck and you create opportunity. Lucky, yes, but ready to act when fortune smiles. If you are lucky but fail to rise to the occasion, then the luck is meaningless. Being well-prepared to capitalize on what providence provides was a consistent theme.
Be humble: Success in the market requires humility. At times, it can be humbling. But the humility of these uber-successful, ultra-wealthy men was another surprise.
So read all the self-help books you want, but avoid wishful thinking. The virtue of being reality-based, process-oriented, hard-working, well-read and humble are evident ways to work to achieve success in any field.
Instead of the “millionaire mindset,” adopt a “billionaire behavior.” You will be glad you did.
This column was provided by Bloomberg News.