When it comes to risk and betting, be more Buffett

You will have seen in the Racing Post Birthdays section that former racetrack tipster Warren Buffett turned 94 this week. Apparently he's done quite well since hawking tipping sheet Stable-Boy Selections at Ak-Sar-Ben* racetrack in his home city of Omaha, Nebraska, as a schoolboy.

Whether 'the world's greatest investor' with wealth of around $133 billion would have been as successful had he not learned early punting lessons is uncertain, but we can all learn from his approach to risk.

The lesson Buffett took on board at an early age is the importance of obtaining value, and that self-discipline is crucial. He is risk averse, with his mantra being that it's necessary to build in a big margin in your favour to compensate for some investments going wrong.