Success Secrets: Warren Buffet Video
Warren Buffett, top investor of our generation, speaks at length to a group of MBA students (about an hour and a half!!!). Here are only a few of his success secrets from the video:
On what’s really important in a person:
People to bet on:
Excellent behavior, temperament character
People to “short” (bet against):
Ego
Greed
Self-destructive behavior patterns
Those who “turn off “people right and left
The good news about these characteristics:
We can achieve the positive characteristics!! They don’t require superhuman abilities
All are achievable- not “innate gifts”. In other words, study and behave like people you admire.
On Career choice:
Do what you love!
Taking job after job that you don’t like is ” like saving up sex for your old age” .
On Risk:
Don’t use money you need to pursue money you don’t need. You only have to get rich once. After that, pursuing high-risk growth is a crazy idea.
On picking companies to invest in:
Find companies with a “moat” around them (barriers to competition, an income stream that is “locked in” and growing ). Examples of "the moat":
Product
Patents
Location
Above all, simplicity/ease of understanding
There are many more brilliant insights in the video, and it is well worth watching in full.
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