he was the single most successful investor of the 20th century Time
investor of the 20th century Time
investor of the 20th century Time magazine named him one of the most
magazine named him one of the most
magazine named him one of the most influential people in the world he’s
influential people in the world he’s
influential people in the world he’s worth over seventy billion dollars
worth over seventy billion dollars
worth over seventy billion dollars he’s Warren Buffett and here his top ten
he’s Warren Buffett and here his top ten
he’s Warren Buffett and here his top ten rules for success how can other people
rules for success how can other people
rules for success how can other people tap dance to work what’s the secret of
tap dance to work what’s the secret of
tap dance to work what’s the secret of that you find your passion you find your
that you find your passion you find your
that you find your passion you find your passion I was very very lucky to find
passion I was very very lucky to find
passion I was very very lucky to find him you know when I was seven or eight
him you know when I was seven or eight
him you know when I was seven or eight years old and you know and fortunately
years old and you know and fortunately
years old and you know and fortunately my children have found their passion
my children have found their passion
my children have found their passion might you know one son loves farming
might you know one son loves farming
might you know one son loves farming like nothing else one son loves music
like nothing else one son loves music
like nothing else one son loves music like everything else and all three of
like everything else and all three of
like everything else and all three of them love philanthropy and what they get
them love philanthropy and what they get
them love philanthropy and what they get to do you’re lucky in life when you find
to do you’re lucky in life when you find
to do you’re lucky in life when you find it and you can’t guarantee you’re gonna
it and you can’t guarantee you’re gonna
it and you can’t guarantee you’re gonna find it you know first job out but I
find it you know first job out but I
find it you know first job out but I always told college students that come
always told college students that come
always told college students that come on I said take the job that you would
on I said take the job that you would
on I said take the job that you would take if you were independently wealthy
take if you were independently wealthy
take if you were independently wealthy you know that’s you’re going to do well
you know that’s you’re going to do well
you know that’s you’re going to do well at it if you think you’re going to be a
at it if you think you’re going to be a
at it if you think you’re going to be a lot happier if you’ve got to X instead
lot happier if you’ve got to X instead
lot happier if you’ve got to X instead of X you’re probably making a mistake
of X you’re probably making a mistake
of X you’re probably making a mistake I mean it guys in the auto you ought to
I mean it guys in the auto you ought to
I mean it guys in the auto you ought to find something you like that’s that
find something you like that’s that
find something you like that’s that works with that and it and you know get
works with that and it and you know get
works with that and it and you know get in trouble if if you think that making
in trouble if if you think that making
in trouble if if you think that making 10 X or 20 X is the answer to everything
10 X or 20 X is the answer to everything
10 X or 20 X is the answer to everything in life because then you will do things
in life because then you will do things
in life because then you will do things like borrow money when you should endure
like borrow money when you should endure
like borrow money when you should endure or maybe cut corners on things that your
or maybe cut corners on things that your
or maybe cut corners on things that your employer wants you to cut corners on ER
employer wants you to cut corners on ER
employer wants you to cut corners on ER it just doesn’t make any sense you won’t
it just doesn’t make any sense you won’t
it just doesn’t make any sense you won’t like it when you look back on it happen
like it when you look back on it happen
like it when you look back on it happen three things and hiring people looking
three things and hiring people looking
three things and hiring people looking for integrity intelligence and energy
for integrity intelligence and energy
for integrity intelligence and energy and he said if that person didn’t have
and he said if that person didn’t have
and he said if that person didn’t have the first two that the latter two would
the first two that the latter two would
the first two that the latter two would kill them because if they don’t have
kill them because if they don’t have
kill them because if they don’t have integrity you want to dumb and lazy you
integrity you want to dumb and lazy you
integrity you want to dumb and lazy you don’t want it smart and energetic it
don’t want it smart and energetic it
don’t want it smart and energetic it never bothered me if people disagreed
never bothered me if people disagreed
never bothered me if people disagreed with what I thought as long as I thought
with what I thought as long as I thought
with what I thought as long as I thought I knew the facts I mean there’s a whole
I knew the facts I mean there’s a whole
I knew the facts I mean there’s a whole bunch of things I don’t know think about
bunch of things I don’t know think about
bunch of things I don’t know think about I just stay away from those so I stay
I just stay away from those so I stay
I just stay away from those so I stay within what I call my circle of
within what I call my circle of
within what I call my circle of competence you know that Tom Watson said
competence you know that Tom Watson said
competence you know that Tom Watson said it best he said you know he said he said
it best he said you know he said he said
it best he said you know he said he said I’m no genius but I’m smart in spots and
I’m no genius but I’m smart in spots and
I’m no genius but I’m smart in spots and I stay around those spots well I try and
I stay around those spots well I try and
I stay around those spots well I try and stay around those spots and I I just
stay around those spots and I I just
stay around those spots and I I just don’t have a problem if somebody says
don’t have a problem if somebody says
don’t have a problem if somebody says you know you’re wrong on something I
you know you’re wrong on something I
you know you’re wrong on something I just go back and look at the facts and
just go back and look at the facts and
just go back and look at the facts and I think that I think that really is much
I think that I think that really is much
I think that I think that really is much more important frankly than than having
more important frankly than than having
more important frankly than than having a few points of IQ or or having an extra
a few points of IQ or or having an extra
a few points of IQ or or having an extra course or doing in school or anything of
course or doing in school or anything of
course or doing in school or anything of the sort
the sort
the sort you need emotional stability I just read
you need emotional stability I just read
you need emotional stability I just read and read and read I probably read five
and read and read I probably read five
and read and read I probably read five to six hours a day I don’t read as fast
to six hours a day I don’t read as fast
to six hours a day I don’t read as fast now as when I was younger but I read
now as when I was younger but I read
now as when I was younger but I read five daily newspapers I read a fair
five daily newspapers I read a fair
five daily newspapers I read a fair number of magazines I read ten Kay’s I
number of magazines I read ten Kay’s I
number of magazines I read ten Kay’s I read annual reports and I read a lot of
read annual reports and I read a lot of
read annual reports and I read a lot of other things to this I I I’ve always
other things to this I I I’ve always
other things to this I I I’ve always enjoyed reading I love reading
enjoyed reading I love reading
enjoyed reading I love reading biographies famous lesson about a margin
biographies famous lesson about a margin
biographies famous lesson about a margin of safety that you don’t drive a truck
of safety that you don’t drive a truck
of safety that you don’t drive a truck that weighs ninety nine hundred pounds
that weighs ninety nine hundred pounds
that weighs ninety nine hundred pounds across a bridge that says limit ten
across a bridge that says limit ten
across a bridge that says limit ten thousand pounds because you can’t be
thousand pounds because you can’t be
thousand pounds because you can’t be that sure about it if you see something
that sure about it if you see something
that sure about it if you see something like that you go down a little further
like that you go down a little further
like that you go down a little further down the road and you find one that says
down the road and you find one that says
down the road and you find one that says limit twenty thousand pounds and that’s
limit twenty thousand pounds and that’s
limit twenty thousand pounds and that’s the one you drive across the nature of
the one you drive across the nature of
the one you drive across the nature of capitalism is that people want to come
capitalism is that people want to come
capitalism is that people want to come in and take your castles perfectly
in and take your castles perfectly
in and take your castles perfectly understandable I mean if I’m selling
understandable I mean if I’m selling
understandable I mean if I’m selling television sets or something there’s
television sets or something there’s
television sets or something there’s going to be ten other people who are
going to be ten other people who are
going to be ten other people who are gonna try and sell a better television
gonna try and sell a better television
gonna try and sell a better television set if I have a restaurant here in Omaha
set if I have a restaurant here in Omaha
set if I have a restaurant here in Omaha people are gonna try and copy my menu
people are gonna try and copy my menu
people are gonna try and copy my menu and get more parking and take my chef
and get more parking and take my chef
and get more parking and take my chef and so on so capitalism is all about
and so on so capitalism is all about
and so on so capitalism is all about somebody coming and trying to take the
somebody coming and trying to take the
somebody coming and trying to take the castle now what you need is you need a
castle now what you need is you need a
castle now what you need is you need a castle that has some durable competitive
castle that has some durable competitive
castle that has some durable competitive advantage some castle that has a moat
advantage some castle that has a moat
advantage some castle that has a moat around it and that moat that’s one of
around it and that moat that’s one of
around it and that moat that’s one of the best moats in many respects is to be
the best moats in many respects is to be
the best moats in many respects is to be a low-cost producer but sometimes the
a low-cost producer but sometimes the
a low-cost producer but sometimes the motors just having more talent I mean if
motors just having more talent I mean if
motors just having more talent I mean if you’re the heavyweight champion of the
you’re the heavyweight champion of the
you’re the heavyweight champion of the world and keep knocking out people
world and keep knocking out people
world and keep knocking out people you’ve got a competitive advantage as
you’ve got a competitive advantage as
you’ve got a competitive advantage as long as you can keep doing it and it’s
long as you can keep doing it and it’s
long as you can keep doing it and it’s very profitable if you’re the one that
very profitable if you’re the one that
very profitable if you’re the one that happens to be able to do it if you can
happens to be able to do it if you can
happens to be able to do it if you can turn out great motion pictures I mean
turn out great motion pictures I mean
turn out great motion pictures I mean you know Steven Spielberg I mean he he
you know Steven Spielberg I mean he he
you know Steven Spielberg I mean he he he’s a fellow to bet on and and it has
he’s a fellow to bet on and and it has
he’s a fellow to bet on and and it has enormous economic value you’d be
enormous economic value you’d be
enormous economic value you’d be surprised at at my days I mean they are
surprised at at my days I mean they are
surprised at at my days I mean they are they’re very unstructured no meetings
they’re very unstructured no meetings
they’re very unstructured no meetings none I mean we don’t like meetings and I
none I mean we don’t like meetings and I
none I mean we don’t like meetings and I read a lot I wish I were a faster reader
read a lot I wish I were a faster reader
read a lot I wish I were a faster reader you know I get more done but i but I do
you know I get more done but i but I do
you know I get more done but i but I do read a lot and I I I’m on the phone a
read a lot and I I I’m on the phone a
read a lot and I I I’m on the phone a moderate amount our businesses run
moderate amount our businesses run
moderate amount our businesses run themselves basically out there my job is
themselves basically out there my job is
themselves basically out there my job is allocating capital and I
allocating capital and I
allocating capital and I that’s what I’m thinking about but I
that’s what I’m thinking about but I
that’s what I’m thinking about but I don’t like to have things all packed
don’t like to have things all packed
don’t like to have things all packed hour an hour an hour and and Bill and I
hour an hour an hour and and Bill and I
hour an hour an hour and and Bill and I are both extraordinarily lucky I mean we
are both extraordinarily lucky I mean we
are both extraordinarily lucky I mean we really get to do what we like to do the
really get to do what we like to do the
really get to do what we like to do the way we want to do it with people that we
way we want to do it with people that we
way we want to do it with people that we choose to be around then they’re
choose to be around then they’re
choose to be around then they’re terrific I mean we we’ve really got
terrific I mean we we’ve really got
terrific I mean we we’ve really got everything our way and it’s a we’re very
everything our way and it’s a we’re very
everything our way and it’s a we’re very fortunate and in his world he has some
fortunate and in his world he has some
fortunate and in his world he has some he has a different kind of pace than I
he has a different kind of pace than I
he has a different kind of pace than I have but we both love it the way we do
have but we both love it the way we do
have but we both love it the way we do it and and my guess is that were each
it and and my guess is that were each
it and and my guess is that were each the most productive in that particular
the most productive in that particular
the most productive in that particular mode too because it it it fits our
mode too because it it it fits our
mode too because it it it fits our personalities and and and after tooms
personalities and and and after tooms
personalities and and and after tooms what kills great businesses if you look
what kills great businesses if you look
what kills great businesses if you look at I do believe in looking at history
at I do believe in looking at history
at I do believe in looking at history and I and I try to I like to study
and I and I try to I like to study
and I and I try to I like to study failure actually and my partner says all
failure actually and my partner says all
failure actually and my partner says all I want to know is where I’ll die so I’ll
I want to know is where I’ll die so I’ll
I want to know is where I’ll die so I’ll never go there and and we want to see
never go there and and we want to see
never go there and and we want to see what has caused businesses to go bad and
what has caused businesses to go bad and
what has caused businesses to go bad and the biggest thing that kills them it’s
the biggest thing that kills them it’s
the biggest thing that kills them it’s complacency I mean you you want a
complacency I mean you you want a
complacency I mean you you want a restlessness a feeling that you know
restlessness a feeling that you know
restlessness a feeling that you know that that somebody’s always after you
that that somebody’s always after you
that that somebody’s always after you but you’re going to stay ahead of them
but you’re going to stay ahead of them
but you’re going to stay ahead of them and you always want to be on the move
and you always want to be on the move
and you always want to be on the move and and when you’ve got a great business
and and when you’ve got a great business
and and when you’ve got a great business you know like coca-cola wishes there
you know like coca-cola wishes there
you know like coca-cola wishes there aren’t any like oh girl but but really
aren’t any like oh girl but but really
aren’t any like oh girl but but really the the danger would always be the you
the the danger would always be the you
the the danger would always be the you rest on your laurels but I see none of
rest on your laurels but I see none of
rest on your laurels but I see none of that obviously a coca-cola but that’s
that obviously a coca-cola but that’s
that obviously a coca-cola but that’s that that is the key to to compete the
that that is the key to to compete the
that that is the key to to compete the same way when you’ve got 1.8 billion
same way when you’ve got 1.8 billion
same way when you’ve got 1.8 billion servings being sold daily as when you
servings being sold daily as when you
servings being sold daily as when you were selling you know 10 a day and and
were selling you know 10 a day and and
were selling you know 10 a day and and that restlessness that belief that that
that restlessness that belief that that
that restlessness that belief that that tomorrow’s more exciting than today you
tomorrow’s more exciting than today you
tomorrow’s more exciting than today you just have to have it permeate the
just have to have it permeate the
just have to have it permeate the organization who was Ben Grimm he he was
organization who was Ben Grimm he he was
organization who was Ben Grimm he he was your primary mentor model it was a
your primary mentor model it was a
your primary mentor model it was a wonderful man and he was my professor at
wonderful man and he was my professor at
wonderful man and he was my professor at Columbia I read his book when I was 19
Columbia I read his book when I was 19
Columbia I read his book when I was 19 at the University of Nebraska and I’d
at the University of Nebraska and I’d
at the University of Nebraska and I’d started investing when I was 11 I
started investing when I was 11 I
started investing when I was 11 I started reading about it when I was like
started reading about it when I was like
started reading about it when I was like 7 so I’d gone through all I read every
7 so I’d gone through all I read every
7 so I’d gone through all I read every book in the Omaha Public Library that
book in the Omaha Public Library that
book in the Omaha Public Library that was on by the time I was 12 on investing
was on by the time I was 12 on investing
was on by the time I was 12 on investing in stock market and I had a lot of fun
in stock market and I had a lot of fun
in stock market and I had a lot of fun but I never really found out I never got
but I never really found out I never got
but I never really found out I never got founded anything and it was it was
founded anything and it was it was
founded anything and it was it was entertaining but it wasn’t gonna be
entertaining but it wasn’t gonna be
entertaining but it wasn’t gonna be profitable and then I read Graham’s book
profitable and then I read Graham’s book
profitable and then I read Graham’s book the Intelligent Investor when I was at
the Intelligent Investor when I was at
the Intelligent Investor when I was at the University of Nebraska and pulled
the University of Nebraska and pulled
the University of Nebraska and pulled open the whole thing up to me yeah and I
open the whole thing up to me yeah and I
open the whole thing up to me yeah and I and I named my my oldest son is named
and I named my my oldest son is named
and I named my my oldest son is named Howard after my dad Graham Buffett and
Howard after my dad Graham Buffett and
Howard after my dad Graham Buffett and then he was a marvelous man I never
then he was a marvelous man I never
then he was a marvelous man I never expected anything from me in return
expected anything from me in return
expected anything from me in return even Graham in his low in his low teens
even Graham in his low in his low teens
even Graham in his low in his low teens looked around and he looked at the
looked around and he looked at the
looked around and he looked at the people he admired and he said you know I
people he admired and he said you know I
people he admired and he said you know I want to be admired so why don’t I just
want to be admired so why don’t I just
want to be admired so why don’t I just behave like them and he found there was
behave like them and he found there was
behave like them and he found there was nothing impossible about behaving like
nothing impossible about behaving like
nothing impossible about behaving like them and similarly he did the same thing
them and similarly he did the same thing
them and similarly he did the same thing on the reverse side in terms of getting
on the reverse side in terms of getting
on the reverse side in terms of getting rid of those qualities you have given a
rid of those qualities you have given a
rid of those qualities you have given a lot of fabulous advice but what’s the
lot of fabulous advice but what’s the
lot of fabulous advice but what’s the best advice that you’ve ever received
best advice that you’ve ever received
best advice that you’ve ever received well I I’ve received in a variety of
well I I’ve received in a variety of
well I I’ve received in a variety of forms perfectly for my father when I was
forms perfectly for my father when I was
forms perfectly for my father when I was very young but I mean he basically i
very young but I mean he basically i
very young but I mean he basically i think taught me how to live not that i
think taught me how to live not that i
think taught me how to live not that i did it perfectly or anything like that
did it perfectly or anything like that
did it perfectly or anything like that but I mean he was giving me lessons but
but I mean he was giving me lessons but
but I mean he was giving me lessons but he wasn’t doing it by preaching to me he
he wasn’t doing it by preaching to me he
he wasn’t doing it by preaching to me he was doing it by example but basically
was doing it by example but basically
was doing it by example but basically well the biggest lesson in a sense I got
well the biggest lesson in a sense I got
well the biggest lesson in a sense I got is the power of unconditional love I
is the power of unconditional love I
is the power of unconditional love I mean I think there is no power on earth
mean I think there is no power on earth
mean I think there is no power on earth like unconditional love I think that if
like unconditional love I think that if
like unconditional love I think that if you offer that dear child I mean you 90
you offer that dear child I mean you 90
you offer that dear child I mean you 90 percent of the way home and maybe days
percent of the way home and maybe days
percent of the way home and maybe days when you don’t feel like it it’s not
when you don’t feel like it it’s not
when you don’t feel like it it’s not uncritical love that’s a different
uncritical love that’s a different
uncritical love that’s a different animal but but to know you always can
animal but but to know you always can
animal but but to know you always can come back I mean that is that is huge in
come back I mean that is that is huge in
come back I mean that is that is huge in life that takes you a long long way and
life that takes you a long long way and
life that takes you a long long way and I would say that every parent out there
I would say that every parent out there
I would say that every parent out there that that can extend that to their child
that that can extend that to their child
that that can extend that to their child at a very young age it’s gonna make for
at a very young age it’s gonna make for
at a very young age it’s gonna make for a better human being and you felt like
a better human being and you felt like
a better human being and you felt like you’ve got that kind of unconditional
you’ve got that kind of unconditional
you’ve got that kind of unconditional love from your bed I absolutely did yeah
love from your bed I absolutely did yeah
love from your bed I absolutely did yeah that’s a powerful thing it is a powerful
that’s a powerful thing it is a powerful
that’s a powerful thing it is a powerful thing thank you for watching I’d love to
thing thank you for watching I’d love to
thing thank you for watching I’d love to know what you think of Warren Buffett as
know what you think of Warren Buffett as
know what you think of Warren Buffett as an entrepreneur let me know your
an entrepreneur let me know your
an entrepreneur let me know your thoughts by leaving it in the comments
thoughts by leaving it in the comments
thoughts by leaving it in the comments below I made this video because Ray
below I made this video because Ray
below I made this video because Ray Carter asked me to so there’s a famous
Carter asked me to so there’s a famous
Carter asked me to so there’s a famous entrepreneur that you want me to profile
entrepreneur that you want me to profile
entrepreneur that you want me to profile leave it again in the comments below and
leave it again in the comments below and
leave it again in the comments below and I’ll see what I can do for you thank you
I’ll see what I can do for you thank you
I’ll see what I can do for you thank you for watching continue to believe and
for watching continue to believe and
for watching continue to believe and I’ll see you soon
”
Be First to Comment