Buffett’s wisdom #30
After having read all the details about Warren Buffett’s personal life in the Snowball by A. Schroeder I have been looking for a book that would look meticulously at each of his biggest past investment decisions and their rationals. I read Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor by Janet Lowe while in Omaha in May 2015 and this was not it.
Nevertheless it was a fun reminder of all the famous quotes that anyone caught by the value investing bug would already know.
My main takeaways:
- aim high
- study failures not successes
- reputation takes 20 year to build and 1 minute to destroy
- get the right discipline early
- believe in yourself
- be around people you admire
- lead by example
- stay curious, positive and humble
Besides all that there is one funny quote that I like, about a suggestion on how to reduce inflation risk at the nationwide level “if it is above 3% no congressman can be re-elected”. It would indeed be quite effective. That’s the kind of thing that reminds you that at the core of any system whether it is a private business, or a state, governance is key. Getting it right at the start makes everything else much easier.
My purpose in life is independence, fulfilment and a better understanding of how the world works. Like Charlie Munger, I believe in the discipline of mastering the best that other people have ever figured out. And like Sir Isaac Newton, I believe in our ability to see further than any others before us by acknowledging that we are standing on the shoulders of giants. With this blog I hope to keep track of my learning about investing, business, decision making, entrepreneurship and self development while inspiring others to do the same. For the moment the format of this blog will be one post for each book that has influenced me, but I expect it to evolve over time. Join my Journey. John.