What does Warren Buffet, the world’s 2nd richest man have to say about business and life?

1. He bought his first share at age 11 and he now regrets that he started too late! Things were very cheap at that time. Encourage your children to invest.

2. He bought a small farm at age 14 with savings from delivering newspapers. One can buy many things with few savings. Encourage your children to start some kind of business.

3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don’t buy more than you “really need” and encourage your children to do and think the same.

4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are…

5. He never travels by private jet, although he owns the world’s largest private jet company. Always think how you can accomplish things economically.

6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. Assign the right people to the right jobs.

7. He has given his CEO’s only two rules:

Rule number 1: do not lose any of your shareholder’s money.
Rule number 2: Do not forget rule number 1.
Set goals and make sure people focus on them.

8. He does not socialize with the high society crowd. His pasttime after he gets home is to make himself some popcorn and watch Television. Don’t try to show off, just be yourself and do what you enjoy doing

9. Warren Buffet does not carry a cellphone, nor has a computer on his desk.

10. Bill Gates, the world’s richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.

His advice to young people: “Stay away from credit cards & bank loans and invest in yourself and remember:
a.Money doesn’t create man but it is the man who created money.
b.Live your life as simply as possible.
c.Don’t do what others say – listen to them, but do what you feel good doing.
d.Don’t follow brand names; just wear those things in which youf eel comfortable.
e.Don’t waste your money on unnecessary things; rather just spend on those things you really need.
f.After all, it’s your life so why allow others to rule your life?”

A recent interview with Warren: http://www.cnbc.com/id/15840232?play=1&video=1257407167

Source: CNBC

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6 Comments

• 
  Allen Taylor October 27, 2009 at 8:47 am

  Nice writing. You are on my RSS reader now so I can read more from you down the road.

  Allen Taylor

  Reply
• 
  admin October 27, 2009 at 12:03 pm

  Warren Buffett: Crisis, what crisis?

  The world’s greatest investor is weathering the financial crisis by practising what he preaches.
  One of Warren Buffett’s favourite sayings about the market is: “be greedy when others are fearful and fearful when others are greedy”.
  When the market was fearful last September, Mr Buffett was greedy, putting $5bn (£3bn) into the investment bank Goldman Sachs on exceptionally favourable terms.
  He says he was only able to negotiate the deal because not many people had $5bn to hand at that particular moment.

  But there is no doubt Mr Buffett’s public show of confidence in the company was, in itself, a valuable asset to Goldman.

  Watch the video here: http://news.bbc.co.uk/1/hi/business/8317072.stm

  Reply
• 
  admin October 27, 2009 at 12:05 pm

  Evan Davis talks to Warren Buffett

  Warren Buffett talked to Evan Davis at the headquarters of his company, Berkshire Hathaway, in Buffett’s native Omaha, in the mid-Western state of Nebraska.

  Buffett shares his ideas about the current financial crisis, his investment philosophy, and his one indulgence – his private jet.

  http://news.bbc.co.uk/1/hi/business/8322957.stm

  Reply
• 
  admin October 27, 2009 at 12:06 pm

  The full interview on BBC IPlayer – http://www.bbc.co.uk/iplayer/episode/b00nn7vs/The_Worlds_Greatest_Money_Maker_Evan_Davis_meets_Warren_Buffett/

  Reply
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