The man who is considered as a synonym for success, honesty, perseverance and brilliant intelligence is an analytical genius and the fourth richest man on our planet
I am talking about none other than Warren Buffett, who is undeniably the most successful investor in the history
Success at Warren’s rate is not a result of following a set of formula
It was a continuous process followed with utmost discipline, perseverance and effective execution which played a vital role in his success story
Here is the journey of Warren Edward Buffett, known as “Oracle of Omaha”, investment guru and one of the richest and most reputed businessmen today
Warren Buffett is today valued at $88.9 billion as of December 2019
Who is Warren Buffet?
This question will be answered, provided to read till the end
Warren Buffett Childhood
Born in Nebraska in 1930 during the stock market crash
His dad lost his job in 1931 and then opened his own investment company.
His elementary school started at Rose Hill Elementary School in Omaha, then he went to the Alice Deal Junior High School and soon completed his Master of Science in Economics
At the age of 13, Warren was running his own business as a paperboy, selling golf balls and stamps, and detailing cars, among other means
He filed his first income tax return in 1944, Warren Buffett took a $35 deduction for the use of his bicycle and watch on his paper route.
He sold coke, gum, magazines, newspapers door to door from a young age. Because he liked “being his own boss” at 5 or 6 am in the morning he would wake up to deliver the newspapers and he could decide his own route so he liked that freedom!
He is the only person from scratch to have built a company from scratch that is in the Fortune 500!
He told his second sister at a young age “I am going to be a Millionaire by the time I am 30!”
Kudos to him, what a great visionary
He started college at 16 years because his dad forced him and he finished in 3 years because he just wanted to get out as fast as he could. He would not study or attend classes much but he would still ace all the exams.
He got interviewed for Harvard University, but 10 minutes into the interview he got told “forget it, you’re not going to Harvard.” and Warren says that it turned out to be the BEST THING THAT EVER HAPPENED TO HIM.
He went to Columbia University because of the 2 lectures whose book he had read when he was younger “Security Analysis” by Ben Graham and David Le Fevre Dodd. He wrote to them saying ” Dear Professor Dodd, I thought you were dead, but since you’re alive, id like to study under you at Columbia”
At the age of 20, he was buying and selling stocks. He looked for undervalued stocks.
He claims to be very BAD with girls at the age of 20!
Best investor since childhood
In 1945, as a high school boy, Warren and a friend spent $25 to purchase a used pinball machine, which they placed in the local barbershop. Within months, they owned several machines in three different barbershops across Omaha.
He formed Buffett Partnership Ltd. in 1956, and by 1965 he had assumed control of Berkshire Hathaway.
Overseeing the growth of a conglomerate with holdings in the media, insurance, energy and food and beverage industries, Buffett became one of the world’s richest men and a celebrated philanthropist.
Never gave up on his dreams
He was rejected at Harvard Univesity, he wanted to work with famous investors his idol- Benjamin Graham he rejected he was a young upstart and Warren returned to Omaha defeated.
He knew this very well-
“Self-investment is the best investment in the world”
Since Warren was terrified in public speaking he took Dale Carnegie course
Using what he learned he started to teach the people twice the age of him.
Public speaking helped Warren to propose his wife as well.
Warren invested in the Gas station it failed he did not give up.
He could not take No for his answer
Warren returned to Washington again and pitched his idea to Benjamin Graham
Until he was eventually hired
“Opportunities come infrequently when it rains gold you, put on the bucket, not the thimble”
Best investor of all times
Warren became one of the best investors of all time in the world.
99% of Warren wealth was after his 50 age
I know its stunning
He is a giver in life
Warren has denoted more than $25 Billion to Charity
And has pledged to denote 99% to his wealth rather than passing down as an inheritance.
By the end of 2017, Warren was making more than $220 Million every day of the year.
Warren is worth today worth $80 Billion as per today but Warren still stays in the same house he brought in 1957 for $31,500
“From humble beginnings, Warren teaches us that dedication and passion can overcome any obstacle.”
“The people who are most successful are those who are doing what they love”
“Someone is sitting in the shade today because someone had planted the tree a long time ago.”
Warren Buffett meeting Bill Gates
Bill Gates’s dad asked both of them to write down on a piece of paper the one thing they believed was most responsible for their success.
He made them do it in isolation, they didn’t discuss it or get to see each other answer.
When both of them had answered the question and handed the pieces of paper back to Bill’s dad, he was shocked to see that they said the same thing:
The two most successful people in the world (at that time) had contributed their success to the exact same thing — Focus.
Focus is so important, yet its the thing nobody these days seems to be able to do. Most people these days are so neurotic and ADD.
Anyway, the moral of the story is the focus.
Best Investment according to Warren Buffett
I realize everything he does is based on a framework where Warren Buffet — judging markets, judging people, judging how things work, in a very deep way,”
Your best asset is yourself – Invest in you
Investing in yourself is the most important investment you’ll ever make in your life.
There’s no financial investment that’ll ever match it, because if you develop more skill more ability, more insight, more capacity, that’s what’s going to really provide economic freedom. … It’s those skill sets that really make that happen.
Investing vs Romance – Warren Buffett Quote Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.
One of the key to succeed
Learning to communicate was the key to warren buffet success. Otherwise, all my ideas would have fallen apart
None of them let to control the motion of market control. Most people like with so much fear and anxiety in there life’s.
And my job is never to let what’s happening in the movement define me
They are all obsessed with movement with not losing the money
Most people think the billionaires take the giant risk to go where there are but it’s not true!
But most of them don’t do that all
Billionaire live by a strategy called asymmetrical risk-reward
Means they take the least amount of risk possible for the biggest upside
Warren Buffet always tells
“You don’t need 130 IQ if you have 130 that’s enough given away the extra IQ to someone because you don’t need a lot of IQ in this business.”
Learnings from his documentaries
His office is a 5 mins drive from his home.
He goes to McDonald’s for breakfast every morning. He spends $2.61 or $2.95 or $3.17. His wife puts one of those 3 amounts in a cup in his car and that is the cost of his breakfast. He buys breakfast depending on how prosperous the market is doing on the day.
He likes numbers from a very young age.
He likes to read. He has a very good memory. At 7 he read the book “A 1000 Ways to Make $1000” and that got him started in his entrepreneurship journey.
His allowance was a nickel a week. But he wanted more
Berkshire Hathaway, his company has about 70-80 different businesses in their portfolio which run independently and mutually exclusively.
He read ALL THE INVESTMENT BOOKS in his dad’s office when he was young, some books he read more than once!
His dad taught him to believe in an “INNER SCORECARD” in which as long as YOU know why you’re doing what you’re doing that’s what matters most.
His dad ran for Congress when Warren was 12.
His mother was a gregarious, ambitious, competitive person who was brilliant at math!
His mother expressed love to him and his sisters much more compared to his dad.
He moved to Washington when he was 12 or 13 and lost interest in school. He just wanted to torture the teachers.
Shortly after, he decided to run away from home but got caught by the high way patrol police and when his dad found out, all his dad said was, “You can do better than this”.
His dad didn’t talk to him about doing anything, he just led by example and his dad had a lot of confidence in him even when he was screwing things up.
He says the best gift he was ever given was being given the father that he got!
He was terrified of public speaking and he would vomit. So he attended a Dale Carnegie course on public speaking and he said that was the most important course he went for in his life.
Because in his office you won’t see his college or university graduation certificate, but you will see the award certificate from the Dale Carnegie course!!!!
About Warren Buffett
Warren Buffett’s favourite song- It’s my way
Warren Buffett’s favourite movie- The bridge of River Kwai
Warren Buffett’s favourite Book- The Intelligent Investor by Benjamin Graham
Warren Buffett’s favourite Tv show-Naraska in huge bowl winning
Warren Buffett’s wallet, how much he carries -$400
Warren Buffett’s credit card- American Express in 1964
Warren Buffett quotes
“The ants go where the sugar lies”. And why incentives are the number one driver of human behaviour.
Must listen to words of Warren Buffet
- “Rule No. 1: Never lose money”, “Rule No. 2: Never forget rule No.1”
- “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
- “The difference between successful people and really successful people is that really successful people say NO to almost everything.”
- “In the world of business, the people who are most successful are those who are doing what they love.”
- “If past history was all that is needed to play the game of money, the richest people would be librarians.”
- “The ultimate risk comes from ignorance. You should enthrall yourself with all things money. Learn as much as you can about your situation and how you operate and only then will you achieve financial freedom”
- “If you can’t control the emotions you can’t control your money”
- “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
- ” Invest in yourself that’s the biggest investment you can ever make”
- We used a pencil when we were small but now we use pens. Do you know why? Because mistakes in childhood can be erased but not now.
- Our eyes are placed in front because it is more important to look ahead than to look back.
- When something bad happens you have three choices. You can let it define you, let it destroy you Or you strengthen you.
- The past is waste paper, the present is a newspaper and the future is a question paper. Come out of your past, control the present, and secure the future.
- On Expectations, Honesty is a very expensive gift. Do not expect it from cheap people
- On investment, Do not pull all eggs in one basket
- On taking the risk, Never test the depth of the river with both the feet.
- On Savings, Do not save what is left after spending. But, spend what is left after saving
- On spending, If you but the things which you do not need. Soon you will have to sell things you need.
- On earning, Never depend on a single income. Make investment to create a second source.
- We do not have to be smarter than the rest. We have to be more disciplined than the rest.
- You gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.
- Money is not everything. Make sure you earn a lot before speaking such nonsense.
- If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.
- “If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy.”
- Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time.
- Time is the friend of the wonderful company, the enemy of the mediocre.
- Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years
Others things about Warren Buffet which might interest you
Warren Buffett net worth: $88.9 billion as of December 2019
Warren Buffet age: 89 years as on December 2020
Warren Buffett wife
There were 2 turning points on in his life. Once when he was born, the other was when he met Susie, his wife. He knew she was THE ONE but she took some time to figure it out. Susie was his eldest sister’s roommate.
Warren Buffett books
- The Intelligent Investor
- Security Analysis
- How to Win Friends and Influence People
- His Own Writing: The Warren Buffett Shareholder Letters
- Common Stocks and Uncommon Profits
Warren Buffett house
Located in a quiet neighbourhood of Omaha, Nebraska lies the home of billionaire Warren Buffett. He bought the house for $31,500 in 1958 or about $250,000 in today’s dollars. It’s now worth an estimated $652,619. He calls it the “third-best investment he’s ever made
Warren Buffett Office
Berkshire Hathaway, the multinational conglomerate holding company with which he made his fortune.
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