Buffett shared that in 1903, the year his father was born, automobiles were the exciting industry. "Everybody started car companies just like everybody& #39;s starting something now that can be where you can get money from people." 1/3

"But in any event, there were at least 2,000 companies that entered the auto business, because it clearly had this incredible future. And of course, you remember that in 2009, there were three left, two of which went bankrupt. " 2/3

So,there is a lot more to picking stocks than figuring out what& #39;s going to be a wonderful industry in the future," Buffett said, "very, very, very few people picked the winner." "So I just want to tell you," Buffett told new investors, "it& #39;s not as easy as it sounds." 3/3