Published on Oct 8, 2016
- Words of Wisdom From Warren Buffett w/ an introduction by Charlie Munger -
Billionaire Warren Buffett Speaks About Habits, Investing Philosophy, Business, His Partner at Berkshire Hathaway (Charlie), Improving Yourself and Your Business, and more!
[munger]
[buffett]
[drizzle]
:00
every single never took an aptitude test
0:02
we're getting scoring 811 early even
0:05
when he was no man he can play chess
0:07
blindfold just below the Grandmaster
0:09
level he had an awesome and relax it was
0:12
so far the top 1000 the one percent and
0:15
of course he get creative conglomerate
0:17
because it was legally about at the time
0:19
and he did it the way everybody else is
0:22
doing it needed better he made a lot of
0:24
money when they ran out of favor stock
0:27
went way down the ball roll back for
0:28
lessons work of course he died a very
0:30
wealthy man and he was very rational he
0:32
was quite similar chance someone can
0:34
never be sure to stock option had
0:36
certain commonalities of Warren that
0:38
we're just logical outcomes as I was
0:40
watching both Henry and warm invest and
0:43
operate at the same time we had two
0:45
great windows of opportunity to examine
0:47
nature was interesting to me was how
0:51
much smarter Warren was investing money
0:53
that every Henry was born a lot smart
0:56
but warning thought about investments a
0:59
lot longer and more just ran rings
1:01
around Henry as an investor even though
1:04
Henry was a genius and war with America
1:06
almost genius
1:10
I found that just fascinating just
1:13
absolutely present they did they did ask
1:15
that we might start off with talking
1:18
about sort of what got us here and it's
1:22
pretty simple in my case it's not IQ i'm
1:24
sure you'll be glad to hear that
1:26
yeah but everybody in this room has more
1:29
IQ than they need to do my job that the
1:32
big thing is rationality and energy you
1:35
know I always look at IQ and and talent
1:37
to sort of representing the the
1:40
horsepower of the motor but then in
1:42
terms of the output the efficiency which
1:44
with the motor works that depends on
1:46
rationality because a lot of people
1:48
start with 400 horsepower motors and get
1:50
a hundred or so far about but and it's
1:53
way better to have a 200-horsepower
1:54
motor and get it all and output and so
1:57
why do i do smart people do things that
1:59
interfere with really getting the and
2:02
the output they're entitled to and it's
2:04
it gets into the habits and the
2:07
character into temper mountain it really
2:09
gets into behaving in a rational manner
2:10
it's and not letting not getting in your
2:12
own way as I say everybody here has the
2:15
ability a balut Lee to do anything I do
2:18
and and much beyond and and some of your
2:21
willing and some of you won't but it it
2:24
will the ones that won't it will because
2:26
because you get your own way home
2:29
because the the world doesn't allow you
2:31
to it will be because you don't allow
2:33
yourself to the so I have one little
2:35
suggestion for you pick out the person
2:37
in the class that you admire the most
2:38
and then write down why you admire them
2:41
down a list of qualities you're not to
2:45
name yourself in this
2:48
and and then put down though it was the
2:51
one that frankly you could stand the
2:55
least in the whole group and put that
2:57
put down the qualities that that turn
3:01
you off in that person and look at that
3:03
listen and you won't find it's a bunch
3:04
of things like throwing a football 70
3:07
yards or you know or anything of the
3:08
sort the qualities of the first one that
3:10
you admire her qualities that you with a
3:15
little practice can make your own and
3:18
which if practice will become habit for
3:20
me the change of habit or too light to
3:23
be felt until they're too heavy to be
3:24
broken I mean my age I can't change any
3:26
my habits i'm stuck but at your age you
3:29
know you will have the habits 20 years
3:31
from now that you decide to put into
3:33
practice today so I just suggest that
3:35
that you you look at the habit you
3:38
admire and others for the behavior
3:40
admire and others and and make those
3:42
your own habits and you look at that
3:45
what you really find somewhat
3:48
reprehensible and others and just decide
3:50
you know that those are things you're
3:51
not going to do Ben Franklin did that a
3:53
few hundred years ago and it still works
3:56
today and if if you do that you'll find
3:58
that you can burn all your horsepower
4:00
and output so with that sermon I was
4:02
wondering how you define success
4:04
personally
4:05
well I can certainly define happiness
4:07
because that's what that's what I am i
4:09
mean III and if that if that
4:12
I mean I get to do what I like to do
4:14
every single day of the year I get to do
4:16
it with people i like I get the then I
4:19
get to I don't have to associate with
4:21
anybody cause my stomach to turn at and
4:25
the only thing in my job I don't like
4:28
this only happens about every four years
4:30
aku have to fire somebody and I don't
4:32
like that's the only thing other than I
4:34
i tap-danced to work and and it it
4:36
doesn't diminish its its tremendous fun
4:39
they say that success is getting what
4:42
you want and happiness is wanting what
[/drizzle]
