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Warren Buffett’s Top 10 rules for success

Thanks to Evan Carmichael for this excellent video.

 

 

Warren Buffet’s Top 10 Tips for Success

  1. Find your passion
  2. Hire well
  3. Don’t care what others think
  4. Read, read, read
  5. Have a margin of safety
  6. Have a competitive advantage
  7. Schedule for your personality
  8. Always be competing
  9. Model success
  10. Give unconditional love
Leadership Expert
Leadership Expert

Transcript

0:00 he was the single most successful investor up the 20th century
0:04 time magazine named him one of the most influential people in the world
0:08 he’s worth over seventy billion dollars
0:12 he’s Warren Buffett and hear his top 10 rules for success
0:15 then

0:18 how and other people tap dance work what’s the secret
0:22 you find your passion you find your passion I was very very lucky
0:25 the Vita you know what I was a seven or eight years old and
0:30 in on and fortunately my children upon their passion might not one son
0:34 loves farming like nothing else one someone’s music like everything else in
0:38 and all three have a muscle atrophy and what they get to do your luck in life I
0:41 know
0:42 if I did and I you can’t guarantee you’re gonna find it your first job out
0:45 but I was told
0:46 college students to come on I said take the job that you would take if you are
0:49 independently wealthy
0:50 know thats you’re gonna do well at if you think
0:54 you’re going to be a lot happier if you’ve got two actions that attacks
0:57 you’re probably make a mistake i mean that that the
1:01 guided prob aw to find something you like
1:04 that’s that works with that and it and you’ll get in trouble
1:08 if if you think the making can actually 20 X is the answer to everything in life
1:11 because then you will do things like borrow money when we should under
1:14 or maybe cut corners on on things that your employer wants to cut corners on
1:18 her
1:19 it just doesn’t make any sense you don’t like it when you look back on it happen
1:22 pretty things
1:23 and hiring people look for integrity intelligence
1:27 and energy and he said I think that person didn’t have the first to know
1:30 that the latter two Intel
1:32 because they don’t have integrity you wanna daaman lazy you don’t want smart
1:36 energetic
1:38 it never bothered me if people disagreed with what I thought
1:42 as long as I governor the fax I mean that there’s a whole bunch of things I
1:46 don’t think about I just stay away from those a
1:48 so I stale within what I call my circle of competence and
1:52 that the and Tom Watson said it best he said you know is that these I’m no
1:56 genius but I’m smart in spots my stay around those spots while
1:59 I trance there are no spots and I I just don’t have a
2:03 a problem have for somebody says you know you’re wrong on something I did I
2:07 go back and look at the facts and
2:10 I think that I think that really is much more important frankly than than
2:15 having a few points a bike you or or having an extra coarser 21
2:19 in school or anything of the sort you need emotional stability I just read and
2:23 read and read i probably read
2:25 five to six hours a day I don’t read as fast hours as
2:28 when I was younger but I read five daily newspapers I really a fair number
2:33 of magazines I read 10 K’s I read annual reports and I read a lot of other
2:37 things still inside II
2:39 I’ve always enjoyed reading i love reading biographies famous lesson about
2:42 a margin of safety that
2:44 you don’t drive a truck the ways ninety nine hundred pounds across a bridge that
2:48 says limit 10,000 pounds
2:49 because you can’t be that sure about that if you see something like that you
2:53 that I will further down the road if I one that has limit
2:5520,000 pounds and that’s the one you drive across from the nature capitalism
2:59 is the people want to come and take your castle perfectly understandable
3:02 I mean if I’m something television such or something there’s gonna be 10 other
3:06 people entrance on a better television set up by a restaurant here in Omaha
3:09 people are gonna try and copy my menu and more parking and take my shirt off
3:13 and so on so
3:14 capitalism all about somebody coming in trying to take the castle
3:18 now what you need is you need a castle has some
3:21 durable competitive advantage from council has a moat around
3:24 and that mo must want the best mods in many respects is to be a low-cost
3:28 producer
3:29 but some other motor just having more time I mean if you’re the heavyweight
3:33 champion the world came knocking out people you’ve got a competitive
3:35 advantage
3:36 on you can keep going and it’s very profitable
3:40 if you’re the one that happens be able to do it the internal great motion
3:42 picture
3:43 jumping in on Steven Spielberg I mean the he he’s all about on
3:47 and and it has enormous economic value you’d be surprised
3:51 at that my days I mean they are there
3:55 very unstructured I
3:58 no meetings I am NOT I mean
4:02 with I don’t like meetings I am to I read a lot
4:06 I wish or faster leader and I’ll I get more done but I doubt but I do read a
4:11 lot and I
4:12 I hear I’m on the phone a moderate amount
4:16 have our business is run themselves
4:19 basically out there my job is allocating capital and I that’s what I’m thinking
4:23 about
4:23j ob but I don’t like to have things I’ll pack
4:27 our our tower and are both extraordinarily lucky I mean we really
4:31 get to do what was
4:32 like to do the way we want to do it with people that we choose to be around them
4:36 a terrific I mean we we’ve really got everything our way and it said
4:40 we’re very fortunate and in his world he has some
4:45 he has a different kinda pace than I have but we both love it the way we do
4:49 it and
4:50 and I my guess is that we’re
4:53 each the most productive in that particular mode to look at it
4:57 the that it that’s our personalities in and
5:00 and aptitudes what kills great businesses if you look at
5:03 I do believe in looking at history II
5:07 and I try to I like to study failure
5:10 actually had them i buy partners at all I wanna know is we’re out by saw never
5:14 go there
5:14 and and we want to see what is cause businesses to go bad and
5:18 the biggest thing that kills on its complacency I’m you
5:22 you want a a restlessness a feeling that
5:26 and all that that somebody’s always after your
5:30 but you’re gonna say Adam your the always want to be on the move
5:33 and and I when you’ve got
5:36 a great business you know I coca-cola which is there are many like a girl but
5:41 but it is really
5:43 the the danger would always be the rest on your laurels
5:47 but I see not a lot obviously a coca-cola but that that that is the key
5:50 that with
5:51 to compete the same way when new got 1.8 billion
5:55 serving being sold a way as when you or someone you know ten had a hand
5:59 and that restlessness that belief that that
6:02 tomorrow’s more exciting than today you just have to have a permeate the
6:06 organization
6:07 who were so Ben Graham he he was your primary mentor
6:11 model it was a wonderful man and he was my professor at
6:14 mommy I read his book when I was 19 at the University raskin
6:19 I’d start investing when I was 11 I started reading about it when I was like
6:23 seven
6:24 so I’m gone through all I read every book in your public library that was on
6:28 by the time I was 12 I’m on investing in stock market and I had a lot of fun
6:32 but I never really found out I never got grounded anything and then
6:36 at it was it was entertaining but it wasn’t gonna be profitable and I read
6:40 grams but the Intelligent Investor when I was University bresca
6:44 and Paul let’s call the whole thing up to me yeah I and II N
6:48 I named my my older son is named Howard after my dad grandma for
6:52 and then he was a marvelous man never expected anything for me in return
6:55 Ben Graham is low in the low teens looked around and a look at the people
6:59 admired
7:00 and he said you know I wanna be admired so what are just behave like them
7:03 and they found there was nothing impossible not behaving like them and
7:06 some money
7:07 he did the same thing I on the riverside in terms of getting rid of those quality
7:11 you have given
7:13 on a lot love fabulous advice
7:17 but what’s the best advice that you’ve ever received
7:20 well i every scene in a variety of forms for degree from my father when I was
7:25 very often but I many basically I think Tom outlet not I’d
7:29 that perfectly running like that but I mean he was giving me lessons but he
7:33 wasn’t doing it by preaching to me he was going
7:35 by example but basically other
7:38 while the biggest lesson in a sense I got has the power been conditional %ah
7:41 I’m and I think there’s no power on earth like unconditional love I think
7:44 that
7:45 you offer that your trial I mean you’re
7:48 ninety percent on the way home and
7:49 the maybe Dave I don’t feel like I did not uncritical love you
7:53 at a different animal but but to know you always can come back
7:57 come in at at is huge in like that takes you a long long way and I would say that
8:01 every parent out there that that can extend that to their child at a very
8:06 young age
8:06 that’s going to make for a better human being and you felt like you got that
8:10 kind of unconditional love from your dad
8:11 I absolutely love no as a powerful thing
8:15 it is a powerful thing thank you for watching I’d love to know what you think
8:18 a warm but as an entrepreneur let me know your thoughts by leaving it in the
8:21 comments below
8:22 I made this video because Ray Carter asked me to
8:25 so there’s a famous French parenting want me to profile leave it again in the
8:29 comments below and I’ll see what I can do for you
8:31 thank you for watching continue to believe.

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