don’t you walk through life but don’t don’t say it’s all going to be great you
don’t say it’s all going to be great you
don’t say it’s all going to be great you know I’ll do this and I’ll do that you
know I’ll do this and I’ll do that you
know I’ll do this and I’ll do that you know I’m just marking time to be older
know I’m just marking time to be older
know I’m just marking time to be older that I’ve told people it’s like saving
that I’ve told people it’s like saving
that I’ve told people it’s like saving up sex for your old age I don’t have to
up sex for your old age I don’t have to
up sex for your old age I don’t have to do you know following Wall Street is
do you know following Wall Street is
do you know following Wall Street is telling me to do that quarter or
telling me to do that quarter or
telling me to do that quarter or something I got so I own the brush I own
something I got so I own the brush I own
something I got so I own the brush I own the canvas and the campus is unlimited
the canvas and the campus is unlimited
the canvas and the campus is unlimited defining your circle of competence is
defining your circle of competence is
defining your circle of competence is the most important aspect of investing
the most important aspect of investing
the most important aspect of investing those says if I’d been born a few
those says if I’d been born a few
those says if I’d been born a few thousand years ago itíd in some animals
thousand years ago itíd in some animals
thousand years ago itíd in some animals lunch because I just go around saying
lunch because I just go around saying
lunch because I just go around saying well I’m allocate capital you know
well I’m allocate capital you know
well I’m allocate capital you know animals say they’re the kind of tastes
animals say they’re the kind of tastes
animals say they’re the kind of tastes the best you know and I can’t run fast I
the best you know and I can’t run fast I
the best you know and I can’t run fast I can’t climb trees
can’t climb trees
can’t climb trees he’s been the chairman and largest
he’s been the chairman and largest
he’s been the chairman and largest shareholder of Berkshire Hathaway since
shareholder of Berkshire Hathaway since
shareholder of Berkshire Hathaway since 1970 his success in investing has led to
1970 his success in investing has led to
1970 his success in investing has led to people calling him the Oracle or sage of
people calling him the Oracle or sage of
people calling him the Oracle or sage of Omaha he’s considered to be the most
Omaha he’s considered to be the most
Omaha he’s considered to be the most successful investor in the world and is
successful investor in the world and is
successful investor in the world and is the second wealthiest person in the
the second wealthiest person in the
the second wealthiest person in the world with an estimated net worth of
world with an estimated net worth of
world with an estimated net worth of seventy three point nine billion dollars
seventy three point nine billion dollars
seventy three point nine billion dollars he’s Warren Buffett and here’s my take
he’s Warren Buffett and here’s my take
he’s Warren Buffett and here’s my take on his top ten rule to success volume
on his top ten rule to success volume
on his top ten rule to success volume two rumor one is my personal favorite
two rumor one is my personal favorite
two rumor one is my personal favorite and make sure to stick around all the
and make sure to stick around all the
and make sure to stick around all the way to the end for some special bonus
way to the end for some special bonus
way to the end for some special bonus clips also as Lauren is talking if he
clips also as Lauren is talking if he
clips also as Lauren is talking if he says something that is really meaningful
says something that is really meaningful
says something that is really meaningful to you please leave it in the comments
to you please leave it in the comments
to you please leave it in the comments below put quotes around it so other
below put quotes around it so other
below put quotes around it so other people can be inspired as well enjoy
I was just wondering what is what would
I was just wondering what is what would you consider to be the worst investment
you consider to be the worst investment
you consider to be the worst investment you’ve ever made the worst investment I
you’ve ever made the worst investment I
you’ve ever made the worst investment I ever made how long do you have why I’ve
ever made how long do you have why I’ve
ever made how long do you have why I’ve made some very bad ones but that doesn’t
made some very bad ones but that doesn’t
made some very bad ones but that doesn’t really bother me I am a father the
really bother me I am a father the
really bother me I am a father the shareholders but that’s another question
shareholders but that’s another question
shareholders but that’s another question yeah see yeah you know you’re going to
yeah see yeah you know you’re going to
yeah see yeah you know you’re going to make you’re gonna make mistakes in life
make you’re gonna make mistakes in life
make you’re gonna make mistakes in life I mean there’s no question about it you
I mean there’s no question about it you
I mean there’s no question about it you don’t want to make them on the big
don’t want to make them on the big
don’t want to make them on the big decisions you know who you Marian’s and
decisions you know who you Marian’s and
decisions you know who you Marian’s and things like that so there’s no way I’m
things like that so there’s no way I’m
things like that so there’s no way I’m going to make a lot of business and
going to make a lot of business and
going to make a lot of business and investment decisions without making some
investment decisions without making some
investment decisions without making some mistakes I may try to minimize them I
mistakes I may try to minimize them I
mistakes I may try to minimize them I don’t I don’t dwell on them at all I
don’t I don’t dwell on them at all I
don’t I don’t dwell on them at all I don’t that don’t look back the biggest
don’t that don’t look back the biggest
don’t that don’t look back the biggest mistakes are the ones that actually
mistakes are the ones that actually
mistakes are the ones that actually don’t show up they’re the mistakes of
don’t show up they’re the mistakes of
don’t show up they’re the mistakes of omission rather than commission we’ve
omission rather than commission we’ve
omission rather than commission we’ve never lost that much money on any one
never lost that much money on any one
never lost that much money on any one investment but it’s the things that I
investment but it’s the things that I
investment but it’s the things that I knew enough to do that I didn’t do we’ve
knew enough to do that I didn’t do we’ve
knew enough to do that I didn’t do we’ve we have missed profits of as much as you
we have missed profits of as much as you
we have missed profits of as much as you know maybe 10 billion dollars and things
know maybe 10 billion dollars and things
know maybe 10 billion dollars and things that I knew enough to do and I didn’t do
that I knew enough to do and I didn’t do
that I knew enough to do and I didn’t do now the fact I didn’t buy microsoft way
now the fact I didn’t buy microsoft way
now the fact I didn’t buy microsoft way back is not a forgone opportunity
back is not a forgone opportunity
back is not a forgone opportunity because I didn’t know enough to make
because I didn’t know enough to make
because I didn’t know enough to make that decision but there have been other
that decision but there have been other
that decision but there have been other investments where I did know enough to
investments where I did know enough to
investments where I did know enough to make the decision and for one reason or
make the decision and for one reason or
make the decision and for one reason or another I either didn’t do it at all or
another I either didn’t do it at all or
another I either didn’t do it at all or I did it on a small scale I was sucking
I did it on a small scale I was sucking
I did it on a small scale I was sucking my thumb when I should have been writing
my thumb when I should have been writing
my thumb when I should have been writing checks you know basically and and and
checks you know basically and and and
checks you know basically and and and you know those don’t show up there’s no
you know those don’t show up there’s no
you know those don’t show up there’s no place where it shows missed
place where it shows missed
place where it shows missed opportunities but I’ve missed some big
opportunities but I’ve missed some big
opportunities but I’ve missed some big ones the triumphs in life are partly
ones the triumphs in life are partly
ones the triumphs in life are partly trying to you know that everything isn’t
trying to you know that everything isn’t
trying to you know that everything isn’t going to be a triumph and and and I
going to be a triumph and and and I
going to be a triumph and and and I would never get too hung up on mistakes
would never get too hung up on mistakes
would never get too hung up on mistakes I know a lot of people that really
I know a lot of people that really
I know a lot of people that really agonize over them and it just isn’t
agonize over them and it just isn’t
agonize over them and it just isn’t worth it I mean tomorrow’s another day
worth it I mean tomorrow’s another day
worth it I mean tomorrow’s another day and you live it forward just go on to
and you live it forward just go on to
and you live it forward just go on to the next thing
the next thing
the next thing I I advise students as much as possible
I I advise students as much as possible
I I advise students as much as possible look for the job that you would take if
look for the job that you would take if
look for the job that you would take if you didn’t need a job I mean you know
you didn’t need a job I mean you know
you didn’t need a job I mean you know don’t sleepwalk through life but don’t
don’t sleepwalk through life but don’t
don’t sleepwalk through life but don’t don’t say it’s all going to be great you
don’t say it’s all going to be great you
don’t say it’s all going to be great you know I’ll do this and I’ll do that
know I’ll do this and I’ll do that
know I’ll do this and I’ll do that you know I’m just marking time going to
you know I’m just marking time going to
you know I’m just marking time going to be older that I’ve told people it’s like
be older that I’ve told people it’s like
be older that I’ve told people it’s like saving up sex for your old age I mean it
saving up sex for your old age I mean it
saving up sex for your old age I mean it just is not a system in it it is not a
just is not a system in it it is not a
just is not a system in it it is not a good idea yeah yeah what are you urging
good idea yeah yeah what are you urging
good idea yeah yeah what are you urging them to do here’s what I’m talking about
them to do here’s what I’m talking about
them to do here’s what I’m talking about my it just yeah you really want to be
my it just yeah you really want to be
my it just yeah you really want to be doing what you love doing and you can’t
doing what you love doing and you can’t
doing what you love doing and you can’t necessarily find it on your first job
necessarily find it on your first job
necessarily find it on your first job right but don’t give up before you find
right but don’t give up before you find
right but don’t give up before you find it what brings you the most satisfaction
it what brings you the most satisfaction
it what brings you the most satisfaction beyond family well most criticize back
beyond family well most criticize back
beyond family well most criticize back she’s just taking good help and what
she’s just taking good help and what
she’s just taking good help and what you’re 86 I look at this a little
you’re 86 I look at this a little
you’re 86 I look at this a little liverish yeah so you are you in good
liverish yeah so you are you in good
liverish yeah so you are you in good health
health
health oh yeah I mean I enjoy every day I enjoy
oh yeah I mean I enjoy every day I enjoy
oh yeah I mean I enjoy every day I enjoy and what is it that you enjoy well I do
and what is it that you enjoy well I do
and what is it that you enjoy well I do i running Bircher i mean if you get
i running Bircher i mean if you get
i running Bircher i mean if you get right down into my psyche I mean this
right down into my psyche I mean this
right down into my psyche I mean this what I wanted me I know is it’s just you
what I wanted me I know is it’s just you
what I wanted me I know is it’s just you know it’s been my painting for 50 some
know it’s been my painting for 50 some
know it’s been my painting for 50 some years I get to paint what I want I don’t
years I get to paint what I want I don’t
years I get to paint what I want I don’t have to I don’t have to do you know
have to I don’t have to do you know
have to I don’t have to do you know follow what Wall Street is telling me to
follow what Wall Street is telling me to
follow what Wall Street is telling me to do that quarter or something like that
do that quarter or something like that
do that quarter or something like that so I own the brush I own the canvas and
so I own the brush I own the canvas and
so I own the brush I own the canvas and the campus is on love of it now that’s a
the campus is on love of it now that’s a
the campus is on love of it now that’s a that’s a pretty nice game and I get to
that’s a pretty nice game and I get to
that’s a pretty nice game and I get to do it every day with people I like I
do it every day with people I like I
do it every day with people I like I don’t have to I don’t have to associate
don’t have to I don’t have to associate
don’t have to I don’t have to associate with anyone that causes my stomach to
with anyone that causes my stomach to
with anyone that causes my stomach to churn you know if I were in politics I’d
churn you know if I were in politics I’d
churn you know if I were in politics I’d have to smile a lot of people but I want
have to smile a lot of people but I want
have to smile a lot of people but I want to hit you so I go to them it’s really
to hit you so I go to them it’s really
to hit you so I go to them it’s really I’ve got a good deal on going on do it
I’ve got a good deal on going on do it
I’ve got a good deal on going on do it I’d like to know we all consider you to
I’d like to know we all consider you to
I’d like to know we all consider you to be the financial business experts and we
be the financial business experts and we
be the financial business experts and we look to you and follow your lead but
look to you and follow your lead but
look to you and follow your lead but when you need advice and feedback about
when you need advice and feedback about
when you need advice and feedback about an idea or decision I like now who do
an idea or decision I like now who do
an idea or decision I like now who do you go to well usually I look in the
you go to well usually I look in the
you go to well usually I look in the mirror
the nature what I do means I have to say
the nature what I do means I have to say pretty much independently because if I
pretty much independently because if I
pretty much independently because if I take a poll in effect I’m going to do
take a poll in effect I’m going to do
take a poll in effect I’m going to do what everybody else is doing and I don’t
what everybody else is doing and I don’t
what everybody else is doing and I don’t think much of that usually in
think much of that usually in
think much of that usually in investments and so I have to have an
investments and so I have to have an
investments and so I have to have an environment and I have to have a temper
environment and I have to have a temper
environment and I have to have a temper but personally that lets me think for
but personally that lets me think for
but personally that lets me think for myself
myself
myself and I’ve got a terrific partner someone
and I’ve got a terrific partner someone
and I’ve got a terrific partner someone like Charlie Munger and if you can’t
like Charlie Munger and if you can’t
like Charlie Munger and if you can’t find anybody a smarter any better
find anybody a smarter any better
find anybody a smarter any better quality of anything but we think a lot
quality of anything but we think a lot
quality of anything but we think a lot alike and we do talk things over
alike and we do talk things over
alike and we do talk things over occasionally but we don’t talk them over
occasionally but we don’t talk them over
occasionally but we don’t talk them over very often because I know how he thinks
very often because I know how he thinks
very often because I know how he thinks he knows I think he’s what he’s taught
he knows I think he’s what he’s taught
he knows I think he’s what he’s taught me a lot you know and and you know why
me a lot you know and and you know why
me a lot you know and and you know why should I pay for a phone call if I for
should I pay for a phone call if I for
should I pay for a phone call if I for you to say so if I need to get a cabinet
you to say so if I need to get a cabinet
you to say so if I need to get a cabinet around to make decisions or anything
around to make decisions or anything
around to make decisions or anything like that I probably shouldn’t be
like that I probably shouldn’t be
like that I probably shouldn’t be running the place at and that doesn’t
running the place at and that doesn’t
running the place at and that doesn’t bother me to have the responsibility for
bother me to have the responsibility for
bother me to have the responsibility for but I I just don’t want to put it up to
but I I just don’t want to put it up to
but I I just don’t want to put it up to a vote because I’ve seen too many
a vote because I’ve seen too many
a vote because I’ve seen too many pertinent investment world as you get
pertinent investment world as you get
pertinent investment world as you get larger and larger groups making the
larger and larger groups making the
larger and larger groups making the decisions they get more and more
decisions they get more and more
decisions they get more and more modernized and I don’t think you will
modernized and I don’t think you will
modernized and I don’t think you will ever get brilliant investment decisions
ever get brilliant investment decisions
ever get brilliant investment decisions out of the large committee I always look
out of the large committee I always look
out of the large committee I always look at IQ and talent as sort of representing
at IQ and talent as sort of representing
at IQ and talent as sort of representing the horsepower of the motor but then in
the horsepower of the motor but then in
the horsepower of the motor but then in terms of the output the efficiency with
terms of the output the efficiency with
terms of the output the efficiency with which the motor works that depends on
which the motor works that depends on
which the motor works that depends on rationality because a lot of people
rationality because a lot of people
rationality because a lot of people start out with four hundred horsepower
start out with four hundred horsepower
start out with four hundred horsepower motors and get a hundred horsepower of
motors and get a hundred horsepower of
motors and get a hundred horsepower of output and it’s way better to have a 200
output and it’s way better to have a 200
output and it’s way better to have a 200 horsepower motor and get it all and
horsepower motor and get it all and
horsepower motor and get it all and output and then so why do why do smart
output and then so why do why do smart
output and then so why do why do smart people do things that interfere with
people do things that interfere with
people do things that interfere with really getting the V and the output
really getting the V and the output
really getting the V and the output they’re entitled to and it’s it gets
they’re entitled to and it’s it gets
they’re entitled to and it’s it gets into the habit from the character into
into the habit from the character into
into the habit from the character into temper mutton it really gets into
temper mutton it really gets into
temper mutton it really gets into behaving in a rational manner and not
behaving in a rational manner and not
behaving in a rational manner and not letting not getting in your own way as I
letting not getting in your own way as I
letting not getting in your own way as I say everybody here has the ability
say everybody here has the ability
say everybody here has the ability absolutely to do anything I do and much
absolutely to do anything I do and much
absolutely to do anything I do and much beyond and and some of you will and some
beyond and and some of you will and some
beyond and and some of you will and some of you won’t but it will the ones that
of you won’t but it will the ones that
of you won’t but it will the ones that won’t
won’t
won’t because he because you get in your own
because he because you get in your own
because he because you get in your own way won’t because the world doesn’t
way won’t because the world doesn’t
way won’t because the world doesn’t allow you to it’ll it will be because
allow you to it’ll it will be because
allow you to it’ll it will be because you don’t allow yourself to you will
you don’t allow yourself to you will
you don’t allow yourself to you will move in the direction of the people that
move in the direction of the people that
move in the direction of the people that you associate with so it’s important
you associate with so it’s important
you associate with so it’s important associated with people that are better
associated with people that are better
associated with people that are better than yourself and actually the most
than yourself and actually the most
than yourself and actually the most important decision many of you may not
important decision many of you may not
important decision many of you may not all of you will be the spouse you’re
all of you will be the spouse you’re
all of you will be the spouse you’re choosing and you really you want to
choosing and you really you want to
choosing and you really you want to associate with people who are the kind
associate with people who are the kind
associate with people who are the kind of person you’d like to be you’ll move
of person you’d like to be you’ll move
of person you’d like to be you’ll move in that direction and the most important
in that direction and the most important
in that direction and the most important person by far in that respect is your
person by far in that respect is your
person by far in that respect is your spouse’s you I can’t overemphasize how
spouse’s you I can’t overemphasize how
spouse’s you I can’t overemphasize how important that is you’re right the
important that is you’re right the
important that is you’re right the friends you have they will form you as
friends you have they will form you as
friends you have they will form you as you go through life and make some good
you go through life and make some good
you go through life and make some good friends keep them for the rest of your
friends keep them for the rest of your
friends keep them for the rest of your life but have them be people that you
life but have them be people that you
life but have them be people that you admire as well as like them passion
admire as well as like them passion
admire as well as like them passion believes that I can only should expect
believes that I can only should expect
believes that I can only should expect to make money and things that I
to make money and things that I
to make money and things that I understand and when I say understand I
understand and when I say understand I
understand and when I say understand I don’t understand it you know what the
don’t understand it you know what the
don’t understand it you know what the product does or anything like that I
product does or anything like that I
product does or anything like that I mean understand what the economics of
mean understand what the economics of
mean understand what the economics of the business are likely to look at look
the business are likely to look at look
the business are likely to look at look like ten years of our 20 years ago I
like ten years of our 20 years ago I
like ten years of our 20 years ago I know in general what the economic so say
know in general what the economic so say
know in general what the economic so say Wrigley chewing gum will look like ten
Wrigley chewing gum will look like ten
Wrigley chewing gum will look like ten years now the internet isn’t going to
years now the internet isn’t going to
years now the internet isn’t going to change the way people chew gum it isn’t
change the way people chew gum it isn’t
change the way people chew gum it isn’t going to change which gum they chew now
going to change which gum they chew now
going to change which gum they chew now if you own the chewing gum market in a
if you own the chewing gum market in a
if you own the chewing gum market in a big way and you’ve got double mint
big way and you’ve got double mint
big way and you’ve got double mint spearmint and juicy fruit those brands
spearmint and juicy fruit those brands
spearmint and juicy fruit those brands will be there and here’s Nelson I can’t
will be there and here’s Nelson I can’t
will be there and here’s Nelson I can’t pinpoint exactly what the numbers are
pinpoint exactly what the numbers are
pinpoint exactly what the numbers are going to look like on Wrigley but I’m
going to look like on Wrigley but I’m
going to look like on Wrigley but I’m not going to be way off if I try to look
not going to be way off if I try to look
not going to be way off if I try to look forward on something like that that
forward on something like that that
forward on something like that that evaluating that company is within what I
evaluating that company is within what I
evaluating that company is within what I call my circle of competence I
call my circle of competence I
call my circle of competence I understand what they do I understand the
understand what they do I understand the
understand what they do I understand the economics of it I understand the
economics of it I understand the
economics of it I understand the competitive aspects of the business so
competitive aspects of the business so
competitive aspects of the business so figuring out the economic consequences
figuring out the economic consequences
figuring out the economic consequences TV
TV
TV I think there’s I don’t know 20 25
I think there’s I don’t know 20 25
I think there’s I don’t know 20 25 million sensei years old the United
million sensei years old the United
million sensei years old the United States I don’t think there’s one of them
States I don’t think there’s one of them
States I don’t think there’s one of them mainly I’d stays anymore
mainly I’d stays anymore
mainly I’d stays anymore I mean it’s a tv-set manufacturer what a
I mean it’s a tv-set manufacturer what a
I mean it’s a tv-set manufacturer what a wonderful business which everybody and
wonderful business which everybody and
wonderful business which everybody and nobody on a TV in 1950 they’re they’re
nobody on a TV in 1950 they’re they’re
nobody on a TV in 1950 they’re they’re about 45 to 50
about 45 to 50
about 45 to 50 everybody has multiple sons now nobody
everybody has multiple sons now nobody
everybody has multiple sons now nobody in the United States has made any real
in the United States has made any real
in the United States has made any real money making the since they’re all out
money making the since they’re all out
money making the since they’re all out of business
of business
of business you know the Magnavox as the RCA’s all
you know the Magnavox as the RCA’s all
you know the Magnavox as the RCA’s all of those companies radio was the
of those companies radio was the
of those companies radio was the equivalent between over 500 companies
equivalent between over 500 companies
equivalent between over 500 companies making radios in the 1920s again I don’t
making radios in the 1920s again I don’t
making radios in the 1920s again I don’t think there’s a u.s. radio manufacturer
think there’s a u.s. radio manufacturer
think there’s a u.s. radio manufacturer at the present time but coca-cola you
at the present time but coca-cola you
at the present time but coca-cola you know I was at 1884 and shakings pharmacy
know I was at 1884 and shakings pharmacy
know I was at 1884 and shakings pharmacy or whatever and still comes up with
or whatever and still comes up with
or whatever and still comes up with something a lot of copiers over the
something a lot of copiers over the
something a lot of copiers over the years but now you’ve got a company that
years but now you’ve got a company that
years but now you’ve got a company that is selling roughly 1.1 billion eight
is selling roughly 1.1 billion eight
is selling roughly 1.1 billion eight ounce servings of its product not all
ounce servings of its product not all
ounce servings of its product not all cokes right and some others daily
cokes right and some others daily
cokes right and some others daily throughout the world 117 years later so
throughout the world 117 years later so
throughout the world 117 years later so understanding the economic
understanding the economic
understanding the economic characteristics of the business is
characteristics of the business is
characteristics of the business is different than predicting the fact that
different than predicting the fact that
different than predicting the fact that an industry is going to do wonderfully
an industry is going to do wonderfully
an industry is going to do wonderfully so I look at the internet businesses or
so I look at the internet businesses or
so I look at the internet businesses or look at tech misses I think this is a
look at tech misses I think this is a
look at tech misses I think this is a marvelous thing and I love to play
marvelous thing and I love to play
marvelous thing and I love to play around on the computer and I ordered my
around on the computer and I ordered my
around on the computer and I ordered my books from Amazon and all kinds of
books from Amazon and all kinds of
books from Amazon and all kinds of things but I don’t know who’s going to
things but I don’t know who’s going to
things but I don’t know who’s going to win unless I know it’s going to win I’m
win unless I know it’s going to win I’m
win unless I know it’s going to win I’m not interested in the best thing I’ll
not interested in the best thing I’ll
not interested in the best thing I’ll just play around on the computer
defining your circle of competence is
defining your circle of competence is the most important aspect of investing
the most important aspect of investing
the most important aspect of investing it’s not how important how large your
it’s not how important how large your
it’s not how important how large your circle is you don’t have to be an expert
circle is you don’t have to be an expert
circle is you don’t have to be an expert on everything but knowing where the
on everything but knowing where the
on everything but knowing where the perimeter of that circle of what you
perimeter of that circle of what you
perimeter of that circle of what you know on what you don’t know is and
know on what you don’t know is and
know on what you don’t know is and staying inside of it is all important
staying inside of it is all important
staying inside of it is all important Tom Watson seniors start at IBM said in
Tom Watson seniors start at IBM said in
Tom Watson seniors start at IBM said in his book he said it I know genius that
his book he said it I know genius that
his book he said it I know genius that but I’m smart in spots I stay around
but I’m smart in spots I stay around
but I’m smart in spots I stay around those spots
those spots
those spots you know that is the key so if I
you know that is the key so if I
you know that is the key so if I understand a few things and I speak in
understand a few things and I speak in
understand a few things and I speak in that arena I’ll do okay and if I don’t
that arena I’ll do okay and if I don’t
that arena I’ll do okay and if I don’t understand something I get all excited
understand something I get all excited
understand something I get all excited about it because my neighbors are
about it because my neighbors are
about it because my neighbors are talking about and stocks are going up
talking about and stocks are going up
talking about and stocks are going up everything they started fooling around
everything they started fooling around
everything they started fooling around someplace else eventually I’ll get
someplace else eventually I’ll get
someplace else eventually I’ll get creamed and I should well in 1973 the
creamed and I should well in 1973 the
creamed and I should well in 1973 the Washington Post Company gone public in
Washington Post Company gone public in
Washington Post Company gone public in 1971 right about the Pentagon Papers
1971 right about the Pentagon Papers
1971 right about the Pentagon Papers type time but in 73 the Nixon
type time but in 73 the Nixon
type time but in 73 the Nixon administration was through bebe rebozo
administration was through bebe rebozo
administration was through bebe rebozo was a pal of Nixon’s they were
was a pal of Nixon’s they were
was a pal of Nixon’s they were challenging the licenses of two of the
challenging the licenses of two of the
challenging the licenses of two of the Florida television stations to post own
Florida television stations to post own
Florida television stations to post own so the stock went from 37 down to 16 now
so the stock went from 37 down to 16 now
so the stock went from 37 down to 16 now at 16 there were about five million
at 16 there were about five million
at 16 there were about five million shares outstanding so the whole
shares outstanding so the whole
shares outstanding so the whole Washington Post company was something
Washington Post company was something
Washington Post company was something for 80 million dollars and that included
for 80 million dollars and that included
for 80 million dollars and that included the newspaper for big TV stations
the newspaper for big TV stations
the newspaper for big TV stations Newsweek and some other assets and no
Newsweek and some other assets and no
Newsweek and some other assets and no debt to speak of so the Washington Post
debt to speak of so the Washington Post
debt to speak of so the Washington Post Company which was intrinsically worth
Company which was intrinsically worth
Company which was intrinsically worth four or five hundred million dollars was
four or five hundred million dollars was
four or five hundred million dollars was selling for about 80 million in the
selling for about 80 million in the
selling for about 80 million in the market we’d bought most of our stock at
market we’d bought most of our stock at
market we’d bought most of our stock at about the equivalent of a hundred
about the equivalent of a hundred
about the equivalent of a hundred million in the market and and it was it
million in the market and and it was it
million in the market and and it was it was ridiculous I mean you had a business
was ridiculous I mean you had a business
was ridiculous I mean you had a business unquestionably was worth four or five
unquestionably was worth four or five
unquestionably was worth four or five times what was selling for and Nixon
times what was selling for and Nixon
times what was selling for and Nixon wasn’t going to put them out of business
wasn’t going to put them out of business
wasn’t going to put them out of business when you’re doing these analyses then
when you’re doing these analyses then
when you’re doing these analyses then and now do you have computers that help
and now do you have computers that help
and now do you have computers that help you or how did you actually read all
you or how did you actually read all
you or how did you actually read all what you get to get pretty materials or
what you get to get pretty materials or
what you get to get pretty materials or how to do it in those days get the
how to do it in those days get the
how to do it in those days get the materials to read about the Washington
materials to read about the Washington
materials to read about the Washington Post and how do you do it today well
Post and how do you do it today well
Post and how do you do it today well same pretty much the same way except
same pretty much the same way except
same pretty much the same way except there’s fewer opportunities now but I
there’s fewer opportunities now but I
there’s fewer opportunities now but I met Bob Woodward back and and he’d just
met Bob Woodward back and and he’d just
met Bob Woodward back and and he’d just come out with all the presidents man oh
come out with all the presidents man oh
come out with all the presidents man oh and all of a sudden is that all thirty
and all of a sudden is that all thirty
and all of a sudden is that all thirty years of a she was getting quite wealthy
years of a she was getting quite wealthy
years of a she was getting quite wealthy we had we had breakfast or lunch over at
we had we had breakfast or lunch over at
we had we had breakfast or lunch over at the Madison Hotel I said what do I do
the Madison Hotel I said what do I do
the Madison Hotel I said what do I do with this money and I said I said
with this money and I said I said
with this money and I said I said investing is just about assigning
investing is just about assigning
investing is just about assigning yourself the right story I said imagine
yourself the right story I said imagine
yourself the right story I said imagine Ben Bradlee this morning said to you
Ben Bradlee this morning said to you
Ben Bradlee this morning said to you what is the washington post company
what is the washington post company
what is the washington post company worth what would you do if you have to
worth what would you do if you have to
worth what would you do if you have to write the story in a month you’d go out
write the story in a month you’d go out
write the story in a month you’d go out and interview TV brokers and newspaper
and interview TV brokers and newspaper
and interview TV brokers and newspaper brokers and the owners and it’s a client
brokers and the owners and it’s a client
brokers and the owners and it’s a client value each asset I said that’s what I do
value each asset I said that’s what I do
value each asset I said that’s what I do I assign myself the right story and it’s
I assign myself the right story and it’s
I assign myself the right story and it’s nothing more than that now there are
nothing more than that now there are
nothing more than that now there are some stories I can’t write if you ask me
some stories I can’t write if you ask me
some stories I can’t write if you ask me to write a story on you know what is
to write a story on you know what is
to write a story on you know what is some grammars but non profit making
some grammars but non profit making
some grammars but non profit making business worth I don’t know how to write
business worth I don’t know how to write
business worth I don’t know how to write that story but if you asked me to write
that story but if you asked me to write
that story but if you asked me to write a story on what is Potomac Electric
a story on what is Potomac Electric
a story on what is Potomac Electric power or something like that I can write
power or something like that I can write
power or something like that I can write the story and that’s what I’m doing
the story and that’s what I’m doing
the story and that’s what I’m doing every day I’m assigning myself a story
every day I’m assigning myself a story
every day I’m assigning myself a story and then I go out and one thing I will
and then I go out and one thing I will
and then I go out and one thing I will tell you that I didn’t realize when I
tell you that I didn’t realize when I
tell you that I didn’t realize when I was getting out of school is how much
was getting out of school is how much
was getting out of school is how much the unusual person
the unusual person
the unusual person will jump out at you I mean you know and
will jump out at you I mean you know and
will jump out at you I mean you know and it isn’t because they got 200 IQs or
it isn’t because they got 200 IQs or
it isn’t because they got 200 IQs or anything like that it’s really because
anything like that it’s really because
anything like that it’s really because just how they behave you know what they
just how they behave you know what they
just how they behave you know what they bring the energy they bring the
bring the energy they bring the
bring the energy they bring the commitment they bring the quality of how
commitment they bring the quality of how
commitment they bring the quality of how they do things how they treat the people
they do things how they treat the people
they do things how they treat the people around them all kinds of things but you
around them all kinds of things but you
around them all kinds of things but you will jump out much more than you might
will jump out much more than you might
will jump out much more than you might anticipate one of the things you would
anticipate one of the things you would
anticipate one of the things you would want to be sure to do is whether you
want to be sure to do is whether you
want to be sure to do is whether you like it or not get very comfortable it
like it or not get very comfortable it
like it or not get very comfortable it may take a while the public speaking for
may take a while the public speaking for
may take a while the public speaking for example I mean that that’s a an asset
example I mean that that’s a an asset
example I mean that that’s a an asset that will last you 50 or 60 years and
that will last you 50 or 60 years and
that will last you 50 or 60 years and it’s a liability if you don’t like doing
it’s a liability if you don’t like doing
it’s a liability if you don’t like doing it or uncomfortable doing it that also
it or uncomfortable doing it that also
it or uncomfortable doing it that also will ask you 50 or 60 years and it’s a
will ask you 50 or 60 years and it’s a
will ask you 50 or 60 years and it’s a necessary skill but a lot of the skills
necessary skill but a lot of the skills
necessary skill but a lot of the skills are just human skills if you get the
are just human skills if you get the
are just human skills if you get the best out of people around you that’s a
best out of people around you that’s a
best out of people around you that’s a rare talent and it doesn’t it doesn’t
rare talent and it doesn’t it doesn’t
rare talent and it doesn’t it doesn’t correlate what IQ it correlates with a
correlate what IQ it correlates with a
correlate what IQ it correlates with a you know an attitude and that is going
you know an attitude and that is going
you know an attitude and that is going toward the world and toward other people
toward the world and toward other people
toward the world and toward other people and it’s the talent that if you work at
and it’s the talent that if you work at
and it’s the talent that if you work at early they’re really conscious about it
early they’re really conscious about it
early they’re really conscious about it you know you don’t have to show up other
you know you don’t have to show up other
you know you don’t have to show up other people you know you’re not very smart in
people you know you’re not very smart in
people you know you’re not very smart in there or anything you want to bring out
there or anything you want to bring out
there or anything you want to bring out the best in them it will pay huge
the best in them it will pay huge
the best in them it will pay huge dividends I went one-on-one with lebron
dividends I went one-on-one with lebron
dividends I went one-on-one with lebron a few years ago and we had a jump ball
a few years ago and we had a jump ball
a few years ago and we had a jump ball and LeBron went up he got he got the tip
and LeBron went up he got he got the tip
and LeBron went up he got he got the tip what’s the length of the core court
what’s the length of the core court
what’s the length of the core court dunked it and just then turned around
dunked it and just then turned around
dunked it and just then turned around and just then I was jumping like that’s
and just then I was jumping like that’s
and just then I was jumping like that’s not I got lucky
not I got lucky
not I got lucky bill says if I’d been born a few
bill says if I’d been born a few
bill says if I’d been born a few thousand years ago added in some animals
thousand years ago added in some animals
thousand years ago added in some animals lunch because I just go around saying
lunch because I just go around saying
lunch because I just go around saying well I
well I
well I allocate capital you know and
allocate capital you know and
allocate capital you know and yeah we’ll say there’s a God to taste
yeah we’ll say there’s a God to taste
yeah we’ll say there’s a God to taste the best at all I can’t run fast I can’t
the best at all I can’t run fast I can’t
the best at all I can’t run fast I can’t climb trees you don’t need a lot of
climb trees you don’t need a lot of
climb trees you don’t need a lot of brains in this business I mean I’ve
brains in this business I mean I’ve
brains in this business I mean I’ve always said if you got an IQ of 160 give
always said if you got an IQ of 160 give
always said if you got an IQ of 160 give away 30 points or somebody else because
away 30 points or somebody else because
away 30 points or somebody else because you don’t need it in investments what
you don’t need it in investments what
you don’t need it in investments what you do need is emotional stability I’ve
you do need is emotional stability I’ve
you do need is emotional stability I’ve got a partner Charlie Berger says he
got a partner Charlie Berger says he
got a partner Charlie Berger says he admires humility enormous Lee but it
admires humility enormous Lee but it
admires humility enormous Lee but it wasn’t quite given this fair share you
wasn’t quite given this fair share you
wasn’t quite given this fair share you know we we call on people that have a
know we we call on people that have a
know we we call on people that have a billion or more at least details as they
billion or more at least details as they
billion or more at least details as they do and all we asked is 50% so if you
do and all we asked is 50% so if you
do and all we asked is 50% so if you know if you can’t if you have trouble
know if you can’t if you have trouble
know if you can’t if you have trouble living on 500 million I’m going to put
living on 500 million I’m going to put
living on 500 million I’m going to put out a book how to live on five hundred
out a book how to live on five hundred
out a book how to live on five hundred million dollars I don’t think I can win
million dollars I don’t think I can win
million dollars I don’t think I can win every game you know somebody said how do
every game you know somebody said how do
every game you know somebody said how do you beat Bobby Fischer you play in any
you beat Bobby Fischer you play in any
you beat Bobby Fischer you play in any game except chess so I don’t play Bobby
game except chess so I don’t play Bobby
game except chess so I don’t play Bobby Fischer let’s do it here you know the
Fischer let’s do it here you know the
Fischer let’s do it here you know the end is near and so I face the final
end is near and so I face the final
end is near and so I face the final curtain my friend I’ll say it clear
curtain my friend I’ll say it clear
curtain my friend I’ll say it clear statements or something around which I’m
statements or something around which I’m
statements or something around which I’m certain turning on I’ve lived a life of
certain turning on I’ve lived a life of
certain turning on I’ve lived a life of small traveled each and every Highway
small traveled each and every Highway
small traveled each and every Highway and more much more than this I did it
so much for watching I made this video
so much for watching I made this video because a lot of you enjoyed the Warren
because a lot of you enjoyed the Warren
because a lot of you enjoyed the Warren Buffett top ten rules of success Volume
Buffett top ten rules of success Volume
Buffett top ten rules of success Volume one so there’s someone who you really
one so there’s someone who you really
one so there’s someone who you really enjoyed the volume one up and you want
enjoyed the volume one up and you want
enjoyed the volume one up and you want us to do a volume to let me know leave
us to do a volume to let me know leave
us to do a volume to let me know leave in the comments below and I’ll see what
in the comments below and I’ll see what
in the comments below and I’ll see what I can do
I can do
I can do I’d also love to know what is war and
I’d also love to know what is war and
I’d also love to know what is war and say that has the biggest impact on you
say that has the biggest impact on you
say that has the biggest impact on you what lesson are you going to take from
what lesson are you going to take from
what lesson are you going to take from this and immediately apply it to your
this and immediately apply it to your
this and immediately apply it to your life or to your business leave in the
life or to your business leave in the
life or to your business leave in the comments below I’m super curious to find
comments below I’m super curious to find
comments below I’m super curious to find out finally I want to give a quick shout
out finally I want to give a quick shout
out finally I want to give a quick shout out to Riza pereira Riza thank you so
out to Riza pereira Riza thank you so
out to Riza pereira Riza thank you so much for picking up a copy of my book
much for picking up a copy of my book
much for picking up a copy of my book your one word and sharing that picture
your one word and sharing that picture
your one word and sharing that picture with me I really really really really
with me I really really really really
with me I really really really really appreciate it
appreciate it
appreciate it so thank you guys again for watching I
so thank you guys again for watching I
so thank you guys again for watching I believe in you I hope you continue to
believe in you I hope you continue to
believe in you I hope you continue to believe in yourself and whatever your
believe in yourself and whatever your
believe in yourself and whatever your one word is much love I’ll see you soon
capital management I hope most of you
capital management I hope most of you are familiar with it the whole story is
are familiar with it the whole story is
are familiar with it the whole story is really fascinating because if you take
really fascinating because if you take
really fascinating because if you take John Meriwether and Eric Rosenfeld Larry
John Meriwether and Eric Rosenfeld Larry
John Meriwether and Eric Rosenfeld Larry Hill and branch Greg Hawkins victory
Hill and branch Greg Hawkins victory
Hill and branch Greg Hawkins victory Ghani the two Nobel Prize winners and
Ghani the two Nobel Prize winners and
Ghani the two Nobel Prize winners and Merton Scholes if you take the 16 of
Merton Scholes if you take the 16 of
Merton Scholes if you take the 16 of them they thought we have as high an
them they thought we have as high an
them they thought we have as high an average IQ as any 16 people working
average IQ as any 16 people working
average IQ as any 16 people working together in one business in the country
together in one business in the country
together in one business in the country including at Microsoft or wherever you
including at Microsoft or wherever you
including at Microsoft or wherever you want a name so there’s incredible amount
want a name so there’s incredible amount
want a name so there’s incredible amount of intellect in that room now you
of intellect in that room now you
of intellect in that room now you combine that with the fact that those 16
combine that with the fact that those 16
combine that with the fact that those 16 and had extensive experience in the
and had extensive experience in the
and had extensive experience in the field they’re operating I mean this one
field they’re operating I mean this one
field they’re operating I mean this one it was not a bunch of guys who had made
it was not a bunch of guys who had made
it was not a bunch of guys who had made their money you know selling men’s
their money you know selling men’s
their money you know selling men’s clothing and all of a sudden one into
clothing and all of a sudden one into
clothing and all of a sudden one into the securities business or anything they
the securities business or anything they
the securities business or anything they had they’d had in aggregate the 16 that
had they’d had in aggregate the 16 that
had they’d had in aggregate the 16 that probably had 350 or 400 years of
probably had 350 or 400 years of
probably had 350 or 400 years of experience doing exactly what they were
experience doing exactly what they were
experience doing exactly what they were doing and then you throw in the third
doing and then you throw in the third
doing and then you throw in the third factor that most of them had virtually
factor that most of them had virtually
factor that most of them had virtually all of their very substantial networks
all of their very substantial networks
all of their very substantial networks in the business so they had their own
in the business so they had their own
in the business so they had their own money up hundreds and hundreds of
money up hundreds and hundreds of
money up hundreds and hundreds of millions of dollars of their own money
millions of dollars of their own money
millions of dollars of their own money up super high intellect working in a
up super high intellect working in a
up super high intellect working in a field they knew and essentially they
field they knew and essentially they
field they knew and essentially they went broke and that to me is absolutely
went broke and that to me is absolutely
went broke and that to me is absolutely fascinating I mean I did it I ever write
fascinating I mean I did it I ever write
fascinating I mean I did it I ever write a book it’s going to be called why smart
a book it’s going to be called why smart
a book it’s going to be called why smart people do dumb things my partner says it
people do dumb things my partner says it
people do dumb things my partner says it should be autobiographical but I but
should be autobiographical but I but
should be autobiographical but I but this might be an interesting
this might be an interesting
this might be an interesting illustration and these are perfectly
illustration and these are perfectly
illustration and these are perfectly decent guys III respect them and I
decent guys III respect them and I
decent guys III respect them and I helped me out when I was at problems
helped me out when I was at problems
helped me out when I was at problems with Salomon and so that they’re they’re
with Salomon and so that they’re they’re
with Salomon and so that they’re they’re not bad people at all but to make money
not bad people at all but to make money
not bad people at all but to make money they didn’t have and didn’t need they
they didn’t have and didn’t need they
they didn’t have and didn’t need they risked what they did have and did need
risked what they did have and did need
risked what they did have and did need and that’s foolish that is just plain
and that’s foolish that is just plain
and that’s foolish that is just plain foolish I put my gamer switch your IQ is
foolish I put my gamer switch your IQ is
foolish I put my gamer switch your IQ is if you if you risk something that is
if you if you risk something that is
if you if you risk something that is important to you for something that is
important to you for something that is
important to you for something that is unimportant to you it just does not make
unimportant to you it just does not make
unimportant to you it just does not make any sense I don’t care whether the odds
any sense I don’t care whether the odds
any sense I don’t care whether the odds are a hundred to one that you succeed or
are a hundred to one that you succeed or
are a hundred to one that you succeed or a thousand wonders succeed if you hand
a thousand wonders succeed if you hand
a thousand wonders succeed if you hand me a gun with a thousand chambers out a
me a gun with a thousand chambers out a
me a gun with a thousand chambers out a million chambers in it and there’s a
million chambers in it and there’s a
million chambers in it and there’s a bullet in one chamber and use that put
bullet in one chamber and use that put
bullet in one chamber and use that put it up your temple how much do you want
it up your temple how much do you want
it up your temple how much do you want to be paid to pull it once
to be paid to pull it once
to be paid to pull it once I’m not going to pull it you know you
I’m not going to pull it you know you
I’m not going to pull it you know you can name any sum you want but it doesn’t
can name any sum you want but it doesn’t
can name any sum you want but it doesn’t do
do
do for me on the upside and I think the
for me on the upside and I think the
for me on the upside and I think the downside fairly clear so I’m not
downside fairly clear so I’m not
downside fairly clear so I’m not interested in that kind of a game and
interested in that kind of a game and
interested in that kind of a game and yet people do it financially then
yet people do it financially then
yet people do it financially then without thinking about it very much
without thinking about it very much
without thinking about it very much generally speaking investing in yourself
generally speaking investing in yourself
generally speaking investing in yourself is the best thing you can do anything
is the best thing you can do anything
is the best thing you can do anything that improves your own talent say nobody
that improves your own talent say nobody
that improves your own talent say nobody can take it away from me they can run up
can take it away from me they can run up
can take it away from me they can run up huge deficits and the dollar can become
huge deficits and the dollar can become
huge deficits and the dollar can become worth far less you can have all kinds of
worth far less you can have all kinds of
worth far less you can have all kinds of things happen but if you’ve got talents
things happen but if you’ve got talents
things happen but if you’ve got talents yourself and you’ve maximized your
yourself and you’ve maximized your
yourself and you’ve maximized your talent
talent
talent you’ve got a terrific asset and that
you’ve got a terrific asset and that
you’ve got a terrific asset and that does mean everybody should go to college
does mean everybody should go to college
does mean everybody should go to college but it it doesn’t mean that any way you
but it it doesn’t mean that any way you
but it it doesn’t mean that any way you find to improve communication skills are
find to improve communication skills are
find to improve communication skills are enormously important I mean I took the
enormously important I mean I took the
enormously important I mean I took the Dale Carnegie course that I paid on
Dale Carnegie course that I paid on
Dale Carnegie course that I paid on dollars for and it was worth a college
dollars for and it was worth a college
dollars for and it was worth a college degree at least I thought it was this
degree at least I thought it was this
degree at least I thought it was this interview will consume a lot of lies
”
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