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 of
that you find your passion you find your
passion I was very very lucky to find
him 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 one son loves music
like everything else and all three of
them love philanthropy 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 you know first job out but I
always told college students that come
on I said take the job that you would
take if you were independently wealthy
you know that’s you’re going to 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 guys in the auto you ought to
find something you like that’s that
works with that and it and you know get
in trouble if if you think that 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
employer wants you to cut corners on ER
it just doesn’t make any sense you won’t
like it when you look back on it happen
three things and hiring people looking
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 and
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 than having
a few points of IQ or or having an extra
course or doing 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
now as 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 to this I I I’ve always
enjoyed reading I love reading
biographies famous lesson about a margin
of safety that you don’t drive a truck
that weighs ninety nine hundred pounds
across a bridge that says limit ten
thousand pounds because you can’t be
that sure about it if you see something
like that you go down a little further
down the road and you find one that 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
going to be ten other people who are
gonna 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 having more talent I mean if
you’re the heavyweight champion of the
world and 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 a fellow to bet on and and it has
enormous economic value you’d be
surprised at 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
you know I get more done but i but I do
read a lot and I I I’m on the phone a
moderate amount our businesses run
themselves basically out there my job is
allocating capital and I
that’s what I’m thinking about but I
don’t like to have things all packed
hour an hour an hour and and Bill and 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 were each
the most productive in that particular
mode too because it it it fits our
personalities and and and after tooms
what kills great businesses if you look
at I do believe in looking at history
and I and I try to I like to study
failure actually and 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 it’s
complacency I mean you you want a
restlessness a feeling that you know
that that somebody’s always after you
but you’re going to stay ahead of them
and 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 oh girl but but really
the the danger would always be the 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 1.8 billion
servings being sold daily as when you
were selling 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 he was
your primary mentor model it was a
wonderful man and he was my professor at
Columbia I read his book when I was 19
at the University of Nebraska and I’d
started investing when I was 11 I
started reading about it when I was like
7 so I’d gone through all I read every
book in the Omaha Public Library that
was on by the time I was 12 on investing
in stock market and I had a lot of fun
but I never really found out I never got
founded anything and it was it was
entertaining but it wasn’t gonna be
profitable and then I read Graham’s book
the Intelligent Investor when I was at
the University of Nebraska and pulled
open the whole thing up to me yeah and I
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 from me in return
even Graham in his low in his low teens
looked around and he looked at the
people he admired and he said you know I
want to be admired 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 I I’ve received in a variety of
forms perfectly for my father when I was
very young but I mean he 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 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 always can
come back I mean that is that is huge in
life 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 age it’s gonna make for
a better human being and you felt like
you’ve got that kind of unconditional
love from your bed I absolutely did yeah
that’s a powerful thing it is a powerful
thing thank you for watching I’d love to
know what you think of Warren Buffett as
an entrepreneur let me know your
thoughts by leaving it in the comments
below I made this video because Ray
Carter asked me to so there’s a famous
entrepreneur that you want me to profile
leave it again in the comments below and
I’ll see what I can do for you thank you
for watching continue to believe and
I’ll see you soon
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 of
that you find your passion you find your
passion I was very very lucky to find
him 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 one son loves music
like everything else and all three of
them love philanthropy 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 you know first job out but I
always told college students that come
on I said take the job that you would
take if you were independently wealthy
you know that’s you’re going to 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 guys in the auto you ought to
find something you like that’s that
works with that and it and you know get
in trouble if if you think that 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
employer wants you to cut corners on ER
it just doesn’t make any sense you won’t
like it when you look back on it happen
three things and hiring people looking
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 and
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 than having
a few points of IQ or or having an extra
course or doing 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
now as 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 to this I I I’ve always
enjoyed reading I love reading
biographies famous lesson about a margin
of safety that you don’t drive a truck
that weighs ninety nine hundred pounds
across a bridge that says limit ten
thousand pounds because you can’t be
that sure about it if you see something
like that you go down a little further
down the road and you find one that 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
going to be ten other people who are
gonna 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 having more talent I mean if
you’re the heavyweight champion of the
world and 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 a fellow to bet on and and it has
enormous economic value you’d be
surprised at 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
you know I get more done but i but I do
read a lot and I I I’m on the phone a
moderate amount our businesses run
themselves basically out there my job is
allocating capital and I
that’s what I’m thinking about but I
don’t like to have things all packed
hour an hour an hour and and Bill and 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 were each
the most productive in that particular
mode too because it it it fits our
personalities and and and after tooms
what kills great businesses if you look
at I do believe in looking at history
and I and I try to I like to study
failure actually and 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 it’s
complacency I mean you you want a
restlessness a feeling that you know
that that somebody’s always after you
but you’re going to stay ahead of them
and 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 oh girl but but really
the the danger would always be the 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 1.8 billion
servings being sold daily as when you
were selling 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 he was
your primary mentor model it was a
wonderful man and he was my professor at
Columbia I read his book when I was 19
at the University of Nebraska and I’d
started investing when I was 11 I
started reading about it when I was like
7 so I’d gone through all I read every
book in the Omaha Public Library that
was on by the time I was 12 on investing
in stock market and I had a lot of fun
but I never really found out I never got
founded anything and it was it was
entertaining but it wasn’t gonna be
profitable and then I read Graham’s book
the Intelligent Investor when I was at
the University of Nebraska and pulled
open the whole thing up to me yeah and I
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 from me in return
even Graham in his low in his low teens
looked around and he looked at the
people he admired and he said you know I
want to be admired 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 I I’ve received in a variety of
forms perfectly for my father when I was
very young but I mean he 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 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 always can
come back I mean that is that is huge in
life 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 age it’s gonna make for
a better human being and you felt like
you’ve got that kind of unconditional
love from your bed I absolutely did yeah
that’s a powerful thing it is a powerful
thing thank you for watching I’d love to
know what you think of Warren Buffett as
an entrepreneur let me know your
thoughts by leaving it in the comments
below I made this video because Ray
Carter asked me to so there’s a famous
entrepreneur that you want me to profile
leave it again in the comments below and
I’ll see what I can do for you thank you
for watching continue to believe and
I’ll see you soon
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