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