Like millions of people around the world I too admire Warren Buffet. He has been liberal in sharing his wisdom with rest of us through simply worded quotes which all of us can understand. I want to share some of his wisdom which have resonated with me. I am sure they will resonate with you too.
Before I begin let me share a quote of his, ‘What we learn from history is that people never learn from it’. Let us not prove this observation wrong by gaining form his wisdom & experience & become better professional & human being.
1. Do not do things to impress others: It will prove to be fatal. Do things about which your are passionate & in which you believe.
2.Think deeply: To do that avoid distractions. For example, Warren Buffet does not have TV, schedules maybe 1 meeting a day & spends all day reading & thinking deeply.
3. Be patient & do not get swayed by public opinion or what they expect you to do: “You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’
4.Think long-term: “Time is the friend of the wonderful business, the enemy of the mediocre.”
5. Surround yourself with people better than you: It is better to hang out with people better than you… you will drift in that direction.
6. Spending: If you buy things you do not need, then soon you will have to sell things you need
7. Saving: Do not save what is left after spending. Spend after what is left after saving.
8. Risk taking: Never test the depth of water with both feet.
9. Stock market: It is a device of transferring money form the impatient to the patient
10.Where to invest: In yourself – in anything that improves your talent. No one can levy a tax on it nor can any one take it away from you.
11. The rule to become rich: “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful"
12. Facing adversity: “The most important thing to do if you find yourself in a hole is to stop digging.
13. Seeking advice: Never ask a barber if you need a haircut.
14. Think simple: "I try to buy stock in businesses that are so wonderful that an idiot can run them because sooner or later, one will."
15. Overreaching: I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
16. Focus on the correct issue: Games are won by players who focus on the playing field & not by those who keep their eyes glued to the scoreboard.
17. Price is what you pay & Value is what you get.
18. Holding position: Our favourite holding position is forever
19. ABC of business decay: Be guarded against them!
A - Arrogance
B – Bureaucracy
C – Complacency
What did you feel about these pearls of wisdom? Do share your views on Warren Buffet & what you feel about him.
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In this series, Rajesh Srivastava, Business Strategist and Visiting Faculty at IIM Indore gives you a regular dose of strategy case studies to help you think and keep you one step ahead as a professional as compared to your peers. Rajesh is an alumnus of IIM Bangalore and IIT Kanpur and has over 2 decades of experience in the FMCG industry. All previous Strategy with RS posts can be found here
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Comments
Shubham Kapoor
IIM TRICHY MBA CORE NC OBC WL 1176 any chance?
20 May 2024, 08.11 PM
Govind Motiyar
How is that possible, this seems to be incorrect data. How IIM A waitlist movement for general is showing 207. It is not possible. My waitlist number is 195 in OBC in Ranchi. Is it possible to convert?
21 May 2024, 11.15 AM