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Warren Buffett’s Top 10 rules for success

Thanks to Evan Carmichael for this excellent video.

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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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