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He was the single most successful investor of the 20th century.
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Time Magazine named him one of the most influential people in the world.
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He's worth over 70 billion dollars.
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He's Warren Buffett, and here are his top 10 rules for success.
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How can other people... tap dance to work, what's the secret of that?
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You find your passion, you find your passion.
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I was very, very lucky to find ....
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you know what? I was ...
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Seven or eight years old and, you know
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and fortunately my children have found their passion.
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My, you know, one son loves farming like nothing else.
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One son loves music like everything else.
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And all three of them love philanthropy and what they get to do.
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You're lucky in life when you find it, and uh–
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you can't guarantee you're gonna find it in your first job
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but I always tell the college students to come out
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I say, "Take the job that you would take if you would take if
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you were independently wealthy."
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You know, that's, you're going to do well at it.
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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.
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I mean ... You oughta find something you like that's– that works with that
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You will be getting trouble if you think making 10x or 20x is the answer to everything in life.
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Because then you will do things like borrow money when you shouldn't
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... or maybe cut corners on things that your employer wants you to cut corners on.
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It just doesn't make any sense.
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You won't like it when you look back on it...
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The three things in hiring to people you look for are integrity, intelligence and energy
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and he said, "If the person didn't have the first two, that the latter two would kill him"
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because if they don't have integrity, you want 'em dumb and lazy. You don't want 'em smart and energetic.
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It never bothered me, if people...
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disagreed with what I thought,
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as long as I felt I knew the facts.
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I mean there's a whole bunch of things that I don't know a thing about.
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I just stay away from those.
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So, I stay within what I call my circle of competence.
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Tom Watson said it best.
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He said, "I'm no genius but I'm smart in spots and I stay around those spots."
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Well, I try and stay around those spots ...
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and I just don't have a problem if
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somebody says you know you are wrong on something.
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I just go back and look at the facts...
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and I think that really is much more important, frankly,
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than– than having a few more points of IQ or...
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or having an extra course or two in school or anything of the sort.
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You need emotional stability.
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I just read and read and read. I probably read five to six hours a day.
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I don't read as fast now as when I was younger
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but I read five daily newspaper. I read a fair number of magazines.
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I read 10-Ks, I read annual reports and I read a lot of other things too.
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So I've always enjoyed reading, I love reading biographies.
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Famous lesson about a margin of safety ...
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you don't drive a truck
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that weighs 99-hundred pounds across a bridge
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that says limit 10-thousand pounds
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because you can't be that sure about it
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If you see something like that, go a down
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further down the road and go by one that says,
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"limit 20,000 pounds" .. and that's the one you drive across
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The nature of capitalism is that people want to come and take your castle.
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Perfectly understandable.
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I mean, if I'm selling television sets or something
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there's going to be ten other people trying to sell a better television set.
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If I have a restaurant here in Omaha,
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people are gonna try and copy my menu
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and give more parking and take my chef, and so on ...
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So, capitalism's all about
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somebody coming and trying to take the castle.
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Now, what you need
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is you need a castle that has some durable ...
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competitive advantage ...
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Some castle that has a moat around it.
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And that moat, that's one of the best moats, in many respects
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is to be a low-cost producer.
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But sometimes the moat is just having more talent.
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I mean, if you're the heavyweight champion of the world
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and you keep knocking out people, you've got
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a competitive advantage as long as you can keep doing it.
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And it's very profitable
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if you're the one that happens to be able to do it.
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If you can turn out great motion pictures ...
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Steven Spielberg ...
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I mean, he's a fellow to bet on
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and it has enormous economic value.
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You'd be surprised
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at– at my days
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I mean, they are very
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unstructured
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Uh ... no meetings
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uh ... none
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I mean ... we don't ... I don't like meetings
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and, uh ...
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I read a lot
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I wish I were a faster reader.
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I'd get more done. But I do read a lot.
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And I– I, uh... I'm on the phone
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a moderate amount.
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Uh...
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Our businesses run themselves, basically, out there.
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My job is allocating capital
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and that's what I'm thinking about.
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But I don't like to have
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things all packed hour to hour to hour
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and Bill and I are both
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extraordinarily lucky ... I mean, we really get to do
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what we like to do the way we wanna do it
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with the people that we choose to be around that are terrific.
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I mean, we've really got everything
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our way
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and we're very fortunate.
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And ... in his world, he has some...
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he has a different kind of pace than I have
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but we both love it the way we do it
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and
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my guess is that we're each
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the most productive
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in that particular mode, too
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because it ...
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it fits our personalities and aptitudes.
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What kills great businesses
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If you look at... I do believe in looking at history
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and I–
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I try to
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I like to study failure, actually ... my partner says
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all I wanna know is where I'll die
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so I'll never go there.
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And we want to see what has caused
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businesses to go bad
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and the biggest thing that kills 'em is complacency.
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You want a restlessness
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a feeling that
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you know, that
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somebody's always after you
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but you're gonna stay ahead of them
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you always want to be on the move.
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And, uh...
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when you've got a great business
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you know, like Coca Cola, which is ...
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there aren't any like Coca Cola.
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But you really...
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the danger would always be
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that you rest on your morals
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but I see none of that in Coca Cola
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that is the key:
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to compete the same way when you've got
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1.8 billion servings being sold daily
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as when you were selling
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ten a day
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that restlessness, that belief
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that tomorrow's more exciting
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than today.
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You know, you just have to have it permeate the organizations.
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Who was Ben Graham ...?
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He was your primary mentor, model ...
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He was a wonderful man
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and he was my professor at Columbia
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I read his book when I was 19
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at the University of Nebraska.
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And I'd started investing when I was eleven
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and I started reading about him when I was like seven.
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So, I had gone through all ...
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I'd read every book in the Omaha Public Library that there was on...,
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by the time I was twelve, on investing and stock market.
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And I had a lot of fun,
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but I never really found out...
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I never got grounded in anything
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and it was entertaining
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but it wasn't gonna be profitable.
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And then I read Graham's book
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The Intelligent Investor
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when I was at University of Nebraska
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and that just opened the whole thing up to me.
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And I named my oldest son
