#101 Warren Buffett (The Tao of Warren Buffett)

What I learned from reading The Tao of Warren Buffett by David Clark and Mary Buffett. --- [0:01]The more I heard Warren speak, the more I learned. Not only about investing, but about business and life. [4:02] The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. [5:45] It is impossible to unsign a contract, so do all your thinking before you sign. [8:35] I don’t try to jump over seven-foot bars; I look around for one-foot bars that I can step over. [14:27] The chains of habit are too light to be felt until they are too heavy to be broken. [19:00] My idea of a group decision is to look in the mirror. [22:14] When management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact. [23:07] Managing your career is like investing—the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train. [24:55] There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn’t require capital. [27:00] I look for businesses in which I think I can predict what they’re going to look like in ten or fifteen year; time. Take Wrigley’s chewing gum. I don’t think the Internet is going to change how people chew gum [28:50] You want to learn from experience, but you want to learn from other’s people’s experience when you can. [29:20] The really good business manager doesn’t wake up in the morning and say, ‘This is the day that I am going to cut costs,’ any more than he wakes up and decides to practice breathing. [30:07] A public-opinion poll is no substitute for thought / A story from a young Steve Jobs [31:55] The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective. [32:42] If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well. [35:15] George Lucas unapologetically invested in what he believed in the most: Himself. [41:15] 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. ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast