In what now feels like a poignant parting message as CEO, Warren Buffett reminded us to embrace the unglamorous work that others avoid and always remain curious.
Charlie also famously remarked upon the rarity of great opportunities and his grandfather's advice to not hang back like a frightened rabbit but seize them and bet heavily. I recall the feeling when I discovered Costco and Amazon and regret not having been forearmed with Charlie's wisdom. Charlie also told Becky Quick, in his final interview, about filling up at the pie counter because you don't get that many trips to the pie counter in life.
Yep, I love that line about making a big trip to the pie counter when you find incredible opportunities. That — and his comments about soldiering on — is what I remember most from his final interview. A genius until the very end.
Nice summary! John Train, in the chapter on Warren in Money Masters, asked Warren what questions he would put on a job application? Warren replied, oh, just one: are you a fanatic? Warren is a fanatic about investing. When I finally met him I said to him: one doesn’t need to be a mathematical genius to be successful; we learn easily that 2+2=4; the real challenge is to put two and two together in the real world. He smiled and replied: yes, and you only a few fours. We pass fours regularly; when we happen upon one we think we are lucky. But that puts all of the onus on luck and none on hard work—turning all the pages. I often ask myself: what am I a fanatic about today?
Thanks Arthur! That's a great point about being a fanatic. I think about that every time Buffett flipping through those Moody's manuals comes up. It takes a special kind of fanatic to do that for hours on end. I'm just glad that we've gotten to partner with him for so long and had that fanaticism working in our favor!
Anyone can turn every page today with Value Line, available for free at many libraries. I sometimes lag in this activity since 95%+ of the companies are of zero interest and, frankly, the process can be boring, but I was inspired to increase my effort after the meeting. At the very least, it’s informative in terms of knowing what’s out there and what typical valuations look like at a moment in time.
I’ve done that and have subscribed to VL for 40 odd years. (Warren once said that after a serious downturn in the market, he would leaf through VL.) The simplifying function about Charlie’s recommendation of having three boxes on one’s desk—IN, OUT and TOO DIFFICULT, is that once one has put something in the third box, which Charlie recommended using liberally, is that you don’t have to return to the box, except to empty it. Of course, Warren returned to the box and found a different Apple!
Charlie also famously remarked upon the rarity of great opportunities and his grandfather's advice to not hang back like a frightened rabbit but seize them and bet heavily. I recall the feeling when I discovered Costco and Amazon and regret not having been forearmed with Charlie's wisdom. Charlie also told Becky Quick, in his final interview, about filling up at the pie counter because you don't get that many trips to the pie counter in life.
Yep, I love that line about making a big trip to the pie counter when you find incredible opportunities. That — and his comments about soldiering on — is what I remember most from his final interview. A genius until the very end.
Nice summary! John Train, in the chapter on Warren in Money Masters, asked Warren what questions he would put on a job application? Warren replied, oh, just one: are you a fanatic? Warren is a fanatic about investing. When I finally met him I said to him: one doesn’t need to be a mathematical genius to be successful; we learn easily that 2+2=4; the real challenge is to put two and two together in the real world. He smiled and replied: yes, and you only a few fours. We pass fours regularly; when we happen upon one we think we are lucky. But that puts all of the onus on luck and none on hard work—turning all the pages. I often ask myself: what am I a fanatic about today?
Thanks Arthur! That's a great point about being a fanatic. I think about that every time Buffett flipping through those Moody's manuals comes up. It takes a special kind of fanatic to do that for hours on end. I'm just glad that we've gotten to partner with him for so long and had that fanaticism working in our favor!
Anyone can turn every page today with Value Line, available for free at many libraries. I sometimes lag in this activity since 95%+ of the companies are of zero interest and, frankly, the process can be boring, but I was inspired to increase my effort after the meeting. At the very least, it’s informative in terms of knowing what’s out there and what typical valuations look like at a moment in time.
I’ve done that and have subscribed to VL for 40 odd years. (Warren once said that after a serious downturn in the market, he would leaf through VL.) The simplifying function about Charlie’s recommendation of having three boxes on one’s desk—IN, OUT and TOO DIFFICULT, is that once one has put something in the third box, which Charlie recommended using liberally, is that you don’t have to return to the box, except to empty it. Of course, Warren returned to the box and found a different Apple!
This advice applies in many areas of life. Wise man!
I read all of these and enjoy them all. This one is a home run, excellent job.
Thanks Morgan! I really appreciate it :)