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  • 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 70 billion dollars.

  • He's Warren Buffett, and here are his top 10 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 ....

  • you know what? I was ...

  • Seven or eight years old and, you know

  • and fortunately my children have found their passion.

  • My, 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 uh

  • you can't guarantee you're gonna find it in your first job

  • but I always tell the college students to come out

  • I say, "Take the job that you would take if 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 2x instead of x, you're probably making a mistake.

  • I mean ... You oughta find something you like that's– that works with that

  • You will be getting trouble if you think making 10x or 20x is the answer to everything in life.

  • Because then you will do things like borrow money when you shouldn't

  • ... or maybe cut corners on things that your employer wants you to cut corners on.

  • It just doesn't make any sense.

  • You won't like it when you look back on it...

  • The three things in hiring to people you look for are integrity, intelligence and energy

  • and he said, "If the person didn't have the first two, that the latter two would kill him"

  • because if they don't have integrity, you want 'em dumb and lazy. You don't want 'em smart and energetic.

  • It never bothered me, if people...

  • disagreed with what I thought,

  • as long as I felt I knew the facts.

  • I mean there's a whole bunch of things that I don't know a thing about.

  • I just stay away from those.

  • So, I stay within what I call my circle of competence.

  • Tom Watson said it best.

  • 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 just don't have a problem if

  • somebody says you know you are wrong on something.

  • I just go back and look at the facts...

  • and I think that really is much more important, frankly,

  • thanthan having a few more points of IQ or...

  • 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 now as when I was younger

  • but I read five daily newspaper. I read a fair number of magazines.

  • I read 10-Ks, I read annual reports and I read a lot of other things too.

  • So I've always enjoyed reading, I love reading biographies.

  • Famous lesson about a margin of safety ...

  • you don't drive a truck

  • that weighs 99-hundred pounds across a bridge

  • that says limit 10-thousand pounds

  • because you can't be that sure about it

  • If you see something like that, go a down

  • further down the road and go by one that says,

  • "limit 20,000 pounds" .. and that's the one you drive across

  • The nature of capitalism is that people want to come and take your castle.

  • Perfectly understandable.

  • I mean, if I'm selling television sets or something

  • there's going to be ten other people trying to sell a better television set.

  • If I have a restaurant here in Omaha,

  • people are gonna try and copy my menu

  • and give more parking and take my chef, and so on ...

  • So, capitalism's 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 moat is just having more talent.

  • I mean, if you're the heavyweight champion of the world

  • and 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 ...

  • Steven Spielberg ...

  • I mean, he's a fellow to bet on

  • and it has enormous economic value.

  • You'd be surprised

  • atat my days

  • I mean, they are very

  • unstructured

  • Uh ... no meetings

  • uh ... none

  • I mean ... we don't ... I don't like meetings

  • and, uh ...

  • I read a lot

  • I wish I were a faster reader.

  • I'd get more done. But I do read a lot.

  • And I– I, uh... I'm on the phone

  • a moderate amount.

  • Uh...

  • Our businesses run themselves, 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 to hour to hour

  • and Bill and I are both

  • extraordinarily lucky ... I mean, we really get to do

  • what we like to do the way we wanna do it

  • with the people that we choose to be around that are terrific.

  • I mean, we've really got everything

  • our way

  • and 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

  • my guess is that we're each

  • the most productive

  • in that particular mode, too

  • because it ...

  • it fits our personalities and aptitudes.

  • What kills great businesses

  • If you look at... I do believe in looking at history

  • and I–

  • I try to

  • I like to study failure, actually ... my partner says

  • all I wanna know is where I'll die

  • so I'll never go there.

  • And we want to see what has caused

  • businesses to go bad

  • and the biggest thing that kills 'em is complacency.

  • You want a restlessness

  • a feeling that

  • you know, that

  • somebody's always after you

  • but you're gonna stay ahead of them

  • you always want to be on the move.

  • And, uh...

  • when you've got a great business

  • you know, like Coca Cola, which is ...

  • there aren't any like Coca Cola.

  • But you really...

  • the danger would always be

  • that you rest on your morals

  • but I see none of that in Coca Cola

  • that is the key:

  • to compete the same way when you've got

  • 1.8 billion servings being sold daily

  • as when you were selling

  • ten a day

  • that restlessness, that belief

  • that tomorrow's more exciting

  • than today.

  • You know, you just have to have it permeate the organizations.

  • Who was Ben Graham ...?

  • 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 of Nebraska.

  • And I'd started investing when I was eleven

  • and I started reading about him when I was like seven.

  • So, I had gone through all ...

  • I'd read every book in the Omaha Public Library that there was on...,

  • by the time I was twelve, on investing and stock market.

  • And I had a lot of fun,

  • but I never really found out...

  • I never got grounded in anything

  • and it was entertaining

  • but it wasn't gonna be profitable.

  • And then I read Graham's book

  • The Intelligent Investor

  • when I was at University of Nebraska

  • and that just opened the whole thing up to me.

  • And I named my oldest son

He was the single most successful investor of the 20th century.

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A2 US read moat castle people coca coca cola

Warren Buffett's Top 10 Rules For Success (@WarrenBuffett)

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    羅吉森 posted on 2017/03/03
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