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 let
tap dance to work what’s the secret let
tap dance to work what’s the secret let you find your passion you find your
you find your passion you find your
you find your passion you find your passion I was very very lucky if I don’t
passion I was very very lucky if I don’t
passion I was very very lucky if I don’t you know when I was seven or eight years
you know when I was seven or eight years
you know when I was seven or eight years old and you know and fortunately my
old and you know and fortunately my
old and you know and fortunately my children have found their passion might
children have found their passion might
children have found their passion might you know one son loves farming like
you know one son loves farming like
you know one son loves farming like nothing else once on those music like
nothing else once on those music like
nothing else once on those music like everything else and all three of them
everything else and all three of them
everything else and all three of them left lent repay and what they get to do
left lent repay and what they get to do
left lent repay and what they get to do you’re lucky in life when you find it
you’re lucky in life when you find it
you’re lucky in life when you find it and you can’t guarantee you’re gonna
and you can’t guarantee you’re gonna
and you can’t guarantee you’re gonna find it in your first job out but I
find it in your first job out but I
find it in your first job out but I always tell the college students to come
always tell the college students to come
always tell the college students to come on I say take the job that you would
on I say take the job that you would
on I say 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 gonna do well at
you know that’s you’re gonna do well at
you know that’s you’re gonna do well at it if you think you’re going to be a lot
it if you think you’re going to be a lot
it if you think you’re going to be a lot happier if you’ve got to X instead of X
happier if you’ve got to X instead of X
happier if you’ve got to X instead of X you’re probably making a mistake I mean
you’re probably making a mistake I mean
you’re probably making a mistake I mean it is the auto if you ought to find
it is the auto if you ought to find
it is the auto if you ought to find something you like that’s that works
something you like that’s that works
something you like that’s that works with that and it and you’ll get in
with that and it and you’ll get in
with that and it and you’ll get in trouble if if you think the making 10 X
trouble if if you think the making 10 X
trouble if if you think the making 10 X or 20 X is the answer to everything in
or 20 X is the answer to everything in
or 20 X is the answer to everything in life because then you will do things
life because then you will do things
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 boy or want you to cut corners on it
boy or want you to cut corners on it
boy or want you to cut corners on it just doesn’t make any sense you won’t
just doesn’t make any sense you won’t
just doesn’t make any sense you won’t like it when you look back on an app
like it when you look back on an app
like it when you look back on an app it’s free things
it’s free things
it’s free things and hiring people look for integrity
and hiring people look for integrity
and hiring people look for integrity intelligence and energy and he said if
intelligence and energy and he said if
intelligence and energy and he said if that person didn’t have the first two
that person didn’t have the first two
that person didn’t have the first two that the latter two would kill them
that the latter two would kill them
that the latter two would kill them because if they don’t have integrity you
because if they don’t have integrity you
because if they don’t have integrity you want to dumb and lazy you don’t want it
want to dumb and lazy you don’t want it
want to dumb and lazy you don’t want it smart and energetic it never bothered me
smart and energetic it never bothered me
smart and energetic it never bothered me if people disagreed with what I thought
if people disagreed with what I thought
if people disagreed with what I thought as long as I thought I knew the facts I
as long as I thought I knew the facts I
as long as I thought I knew the facts I mean there’s a whole bunch of things I
mean there’s a whole bunch of things I
mean there’s a whole bunch of things I don’t know think about I just stay away
don’t know think about I just stay away
don’t know think about I just stay away from those so I stay within what I call
from those so I stay within what I call
from those so I stay within what I call my circle of competence you know that
my circle of competence you know that
my circle of competence you know that Tom Watson said it best he said you know
Tom Watson said it best he said you know
Tom Watson said it best he said you know he said he said I’m no genius but I’m
he said he said I’m no genius but I’m
he said he said I’m no genius but I’m smart in spots and I stay around those
smart in spots and I stay around those
smart in spots and I stay around those spots well I try to stay around those
spots well I try to stay around those
spots well I try to stay around those spots and I I just don’t have a problem
spots and I I just don’t have a problem
spots and I I just don’t have a problem if somebody says you know you’re wrong
if somebody says you know you’re wrong
if somebody says you know you’re wrong on something I just go back and look at
on something I just go back and look at
on something I just go back and look at the facts and I think that I think that
the facts and I think that I think that
the facts and I think that I think that really is much more important frankly
really is much more important frankly
really is much more important frankly than having a few points of IQ or having
than having a few points of IQ or having
than having a few points of IQ or having an extra course or two in school or
an extra course or two in school or
an extra course or two in school or anything of the sort you need emotional
anything of the sort you need emotional
anything of the sort you need emotional stability I just read and read and read
stability I just read and read and read
stability I just read and read and read I probably read five to six hours a day
I probably read five to six hours a day
I probably read five to six hours a day I don’t read as fast and I was when I
I don’t read as fast and I was when I
I don’t read as fast and I was when I was younger but I read five daily
was younger but I read five daily
was younger but I read five daily newspapers I read a fair number of
newspapers I read a fair number of
newspapers I read a fair number of magazines I read ten Kay’s I read annual
magazines I read ten Kay’s I read annual
magazines I read ten Kay’s I read annual reports and I read a lot of other things
reports and I read a lot of other things
reports and I read a lot of other things too so I i I’ve always enjoyed reading I
too so I i I’ve always enjoyed reading I
too so I i I’ve always enjoyed reading I love reading biographies they must
love reading biographies they must
love reading biographies they must lesson about a margin of safety that you
lesson about a margin of safety that you
lesson about a margin of safety that you don’t drive a truck the ways ninety nine
don’t drive a truck the ways ninety nine
don’t drive a truck the ways ninety nine hundred pounds across the bridge that
hundred pounds across the bridge that
hundred pounds across the bridge that says limit ten thousand pounds because
says limit ten thousand pounds because
says limit ten thousand pounds because you can’t be that sure about it if you
you can’t be that sure about it if you
you can’t be that sure about it if you see something like that you get a little
see something like that you get a little
see something like that you get a little further down the road and you find
further down the road and you find
further down the road and you find whether it says limit
whether it says limit
whether it says limit twenty thousand pounds and that’s the
twenty thousand pounds and that’s the
twenty thousand pounds and that’s the one
one
one you drive across the nature of
you drive across the nature of
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 gonna be 10 other people who can try and
gonna be 10 other people who can try and
gonna be 10 other people who can try and sell a better television set if I have a
sell a better television set if I have a
sell a better television set if I have a restaurant here in Omaha people are
restaurant here in Omaha people are
restaurant here in Omaha people are gonna try and copy my menu and get more
gonna try and copy my menu and get more
gonna try and copy my menu and get more parking and take my chef and so on so
parking and take my chef and so on so
parking and take my chef and so on so capitalism is all about somebody coming
capitalism is all about somebody coming
capitalism is all about somebody coming and trying to take the castle now what
and trying to take the castle now what
and trying to take the castle now what you need is you need a castle that has
you need is you need a castle that has
you need is you need a castle that has some durable competitive advantage some
some durable competitive advantage some
some durable competitive advantage some castle that has a moat around it and
castle that has a moat around it and
castle that has a moat around it and that moat that’s one of the best moats
that moat that’s one of the best moats
that moat that’s one of the best moats in many respects is to be a low-cost
in many respects is to be a low-cost
in many respects is to be a low-cost producer but sometimes the motors just
producer but sometimes the motors just
producer but sometimes the motors just have any more talent I mean if you’re
have any more talent I mean if you’re
have any more talent I mean if you’re the heavyweight champion the world you
the heavyweight champion the world you
the heavyweight champion the world you keep knocking out people you’ve got a
keep knocking out people you’ve got a
keep knocking out people you’ve got a competitive advantage as long as you can
competitive advantage as long as you can
competitive advantage as long as you can keep doing it and it’s very profitable
keep doing it and it’s very profitable
keep doing it and it’s very profitable if you’re the one that happens to be
if you’re the one that happens to be
if you’re the one that happens to be able to do it if you can turn out great
able to do it if you can turn out great
able to do it if you can turn out great motion pictures I mean you know Steven
motion pictures I mean you know Steven
motion pictures I mean you know Steven Spielberg I mean he he he’s felt about
Spielberg I mean he he he’s felt about
Spielberg I mean he he he’s felt about on and and it has enormous economic
on and and it has enormous economic
on and and it has enormous economic value you’d be surprised at my days I
value you’d be surprised at my days I
value you’d be surprised at my days I mean they are they’re very unstructured
mean they are they’re very unstructured
mean they are they’re very unstructured no meetings none I mean we don’t like
no meetings none I mean we don’t like
no meetings none I mean we don’t like meetings and I read a lot I wish I were
meetings and I read a lot I wish I were
meetings and I read a lot I wish I were a faster reader I don’t know I get more
a faster reader I don’t know I get more
a faster reader I don’t know I get more done but I do read a lot and I I I’m on
done but I do read a lot and I I I’m on
done but I do read a lot and I I I’m on the phone a moderate amount our business
the phone a moderate amount our business
the phone a moderate amount our business has run themselves but basically out
has run themselves but basically out
has run themselves but basically out there my job is allocating capital and
there my job is allocating capital and
there my job is allocating capital and 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 though I are
hour an hour an hour and though I are
hour an hour an hour and though I are both extraordinarily lucky I mean we
both extraordinarily lucky I mean we
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
terrific
terrific I mean we we’ve really got everything
I mean we we’ve really got everything
I mean we we’ve really got everything our way and it’s a we’re very fortunate
our way and it’s a we’re very fortunate
our way and it’s a we’re very fortunate and in his world he has some he has a
and in his world he has some he has a
and in his world he has some he has a different kind of pace than I have but
different kind of pace than I have but
different kind of pace than I have but we both love it the way we do it and and
we both love it the way we do it and and
we both love it the way we do it and and my guess is that we’re each the most
my guess is that we’re each the most
my guess is that we’re each the most productive in that particular mode
productive in that particular mode
productive in that particular mode because it it fits our personalities and
because it it fits our personalities and
because it it fits our personalities and aptitudes what kills great businesses if
aptitudes what kills great businesses if
aptitudes what kills great businesses if you’re looking I do believe in looking
you’re looking I do believe in looking
you’re looking I do believe in looking at history and I and I try to I like to
at history and I and I try to I like to
at history and I and I try to I like to study failure actually then my partner
study failure actually then my partner
study failure actually then my partner says all I want to know is where I’ll
says all I want to know is where I’ll
says all I want to know is where I’ll die so I’ll never go there and and we
die so I’ll never go there and and we
die so I’ll never go there and and we want to see what has caused businesses
want to see what has caused businesses
want to see what has caused businesses to go bad and the biggest thing that
to go bad and the biggest thing that
to go bad and the biggest thing that kills them its complacency I mean you
kills them its complacency I mean you
kills them its complacency I mean you you want a restlessness feeling that you
you want a restlessness feeling that you
you want a restlessness feeling that you know that that somebody’s always after
know that that somebody’s always after
know that that somebody’s always after you but you’re going to stay ahead of
you but you’re going to stay ahead of
you but you’re going to stay ahead of them you always want to be on the move
them you always want to be on the move
them 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 a girl but what really
aren’t any like a girl but what really
aren’t any like a girl but what really the danger would always be you rest on
the danger would always be you rest on
the danger would always be you rest on your laurels but I see none of that
your laurels but I see none of that
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 same
that is the key to to compete the same
that is the key to to compete the same way when you’ve got one
way when you’ve got one
way when you’ve got one a billion servings being sold daily as
a billion servings being sold daily as
a billion servings being sold daily as when you were something you know 10 a
when you were something you know 10 a
when you were something you know 10 a day and and that restlessness that
day and and that restlessness that
day and and that restlessness that belief that that tomorrow’s more
belief that that tomorrow’s more
belief that that tomorrow’s more exciting than today you just have to
exciting than today you just have to
exciting than today you just have to have it permeate the organization who
have it permeate the organization who
have it permeate the organization who was Ben Grimm he was your primary mentor
was Ben Grimm he was your primary mentor
was Ben Grimm he was your primary mentor model he was a wonderful man and he was
model he was a wonderful man and he was
model he was a wonderful man and he was my professor at Columbia I read his book
my professor at Columbia I read his book
my professor at Columbia I read his book when I was 19 at the University Nebraska
when I was 19 at the University Nebraska
when I was 19 at the University Nebraska and I started investing when I was 11 I
and I started investing when I was 11 I
and I started investing when I was 11 I started reading about her when I was
started reading about her when I was
started reading about her when I was like seven so I gone through all I read
like seven so I gone through all I read
like seven so I gone through all I read every book in the Omaha Public Library
every book in the Omaha Public Library
every book in the Omaha Public Library that was on by the time I was twelve on
that was on by the time I was twelve on
that was on by the time I was twelve on investing in stock market and I had a
investing in stock market and I had a
investing in stock market and I had a lot of fun but I never really found out
lot of fun but I never really found out
lot of fun but I never really found out I never got grounded anything and it was
I never got grounded anything and it was
I never got grounded anything and it was it was entertaining but it wasn’t going
it was entertaining but it wasn’t going
it was entertaining but it wasn’t going to be profitable and then I’ve got
to be profitable and then I’ve got
to be profitable and then I’ve got Graham’s book the Intelligent Investor
Graham’s book the Intelligent Investor
Graham’s book the Intelligent Investor when I was University of Alaska and pull
when I was University of Alaska and pull
when I was University of Alaska and pull the whole thing up to me yeah and I
the whole thing up to me yeah and I
the whole thing up to me yeah and I named my my oldest son is named Howard
named my my oldest son is named Howard
named my my oldest son is named Howard after my dad Graham Buffett and then he
after my dad Graham Buffett and then he
after my dad Graham Buffett and then he was a marvelous man I never expected
was a marvelous man I never expected
was a marvelous man I never expected anything for me in return
anything for me in return
anything for me in return Ben Graham and as low in his level of
Ben Graham and as low in his level of
Ben Graham and as low in his level of teens looked around he looked at the
teens looked around he looked at the
teens looked around 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 at Maier so why don’t I just
want to be at Maier so why don’t I just
want to be at Maier 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 like I’ve received in a variety of
well like I’ve received in a variety of
well like I’ve received in a variety of forms per degree for my father when I
forms per degree for my father when I
forms per degree for my father when I was very young but I mean basically I
was very young but I mean basically I
was very young but I mean 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 and I think that
like unconditional love and I think that
like unconditional love and I think that if you offer that dear child I mean you
if you offer that dear child I mean you
if you offer that dear child I mean you 90 percent of the way home and maybe
90 percent of the way home and maybe
90 percent of the way home and maybe days when you don’t feel like it it’s
days when you don’t feel like it it’s
days when you don’t feel like it it’s not uncritical love that’s a different
not uncritical love that’s a different
not uncritical love that’s a different animal but but to know you’re all weeks
animal but but to know you’re all weeks
animal but but to know you’re all weeks can come back I mean either that is huge
can come back I mean either that is huge
can come back I mean either that is huge in right that takes you a long long way
in right that takes you a long long way
in right that takes you a long long way and I would say that every parent out
and I would say that every parent out
and I would say that every parent out there that that can extend that to their
there that that can extend that to their
there that that can extend that to their child at a very young agents it’s gonna
child at a very young agents it’s gonna
child at a very young agents it’s gonna make for a better human being and you
make for a better human being and you
make for a better human being and you felt like you’ve got that kind of
felt like you’ve got that kind of
felt like you’ve got that kind of unconditional love from your dad I
unconditional love from your dad I
unconditional love from your dad I absolutely did you know that’s a
absolutely did you know that’s a
absolutely did you know that’s a powerful thing it is a powerful if you
powerful thing it is a powerful if you
powerful thing it is a powerful if you had to think of one word that’s most
had to think of one word that’s most
had to think of one word that’s most important to you or that sums you up or
important to you or that sums you up or
important to you or that sums you up or that would be like a little beacon hey
that would be like a little beacon hey
that would be like a little beacon hey believe nation if you want to know what
believe nation if you want to know what
believe nation if you want to know what the most important one word is for Tony
the most important one word is for Tony
the most important one word is for Tony Robbins Gary Vaynerchuk Oprah Winfrey
Robbins Gary Vaynerchuk Oprah Winfrey
Robbins Gary Vaynerchuk Oprah Winfrey will.i.am and Howard Schultz I have a
will.i.am and Howard Schultz I have a
will.i.am and Howard Schultz I have a very special secret video for you check
very special secret video for you check
very special secret video for you check the description for details
”
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