Similarly, legendary investor Warren Buffett also uses pattern recognition to make investment decisions. He focuses on the long-term value of companies and has successfully avoided investing in companies with flawed business models, such as Valeant Pharmaceuticals, which was later accused of price gouging by the SEC.
Key takeaways:
- Michael Rubin, the billionaire CEO of Fanatics, attributes his business success to a set of skills he calls 'pattern recognition.'
- Rubin uses pattern recognition to vet job candidates, making decisions based on both the interview and information he gathers about the candidate afterwards.
- Warren Buffett, another billionaire, also uses pattern recognition in his investment decisions, focusing on long-term value.
- Buffett's successful use of pattern recognition was demonstrated when he correctly predicted the downfall of Valeant Pharmaceuticals, now known as Bausch Health Companies.