Good morning fellow Dukes and Happy Saturday!!
This week on one of my daily walks, I decided to check out the FREE Warren Buffet documentary on Youtube. I wanted to share a few quick lessons we can learn from it, and encourage a watch when time allows.
Circle of Competence
Warren Buffet wasn’t the top athlete in his school, nor was he the top in his class for social skills. The documentary talks through how Warren’s wife Susie helped to soften him, as he was not socially inept or the public speaker we know today. She helped transform him into a more social person, while also helping to raise his 3 children well.
In his earlier days, Warren took the Dale Carnegie’s week-long business class that grew his business skills greatly. That in addition to reading every chance he could and being taught by Ben Graham were two huge stepping stones for becoming the businessman he is today.
The main take away for us on this, find your passion and become competent in it. FOCUS on growing it consistently, and over the years you will be drenched in the rains of that focus. Whether that be happiness or income, you learn to be the expert in your field – people will seek you out.
One anecdote that I will keep in mind in my own life goes like this from the documentary:
An interviewer asked both Bill Gates and Warren Buffet to write one word to attribute to their success. Both wrote the word focus on their piece of paper. If that doesn’t motivate you to be more focused, I don’t know what does :).
The Long Game
Berkshire consistently grew their company throughout the years, business by business, investment by investment. Each year it grew, then grew again. It wasn’t created then suddenly one of the top companies in the world. For us, this helps keep our mindset and goals for our life in perspective. Between personal finance, career, and life goals – sometimes all we need is patience.
Partner In Crime
Charlie and Warren continue to be the first dynamic duo (as us Duke of Dollars are now second thanks to the Green Swan). Charlie’s rational thinking and genius changed the mindset of Berkshire. Buy great businesses at fair value for the long run -> you will make money from those businesses utilizing compound interest over the years!
Charlie’s honesty and rational thinking, multiplied by Warren’s genius have created quite the track record for them.
“As of 2016, Warren Buffet has given away 24.3 billion worth of Berkshire Hathaway stock. His children each run their own foundation, and he has donated heavily to the Bill and Melinda Gate’s Foundation.
Having billions means responsibility. Give back to the world, make it a better place – it is our duty!!
I’ve purposefully left out many of the great stories, details, and other lessons one can learn from taking the time to watch the documentary. Between watching interviews and speeches from both men, we can glean many important life lessons to incorporate into our own. Vicariously learning from the greats will no doubt accelerate the building of our own Kingdoms!
Will any of us become billionaires? Time only tells…