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Founders: #101 Warren Buffett (The Tao of Warren Buffett)

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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

[00:00:00] David Clark kept notebooks filled with Warren's wisdom on investing, which were meticulous and endlessly fascinating to read. Out of all of David's notebooks, my favorite was filled with many of Warren's most profound aphorisms, which were great fun to read because they had a way of really making you think. These aphorisms were akin to the teachings of a Taoist master, in that the more the student contemplates them, the more they reveal. And the more I heard Warren speak, the more I learned. Not only about investing, but about business and life. His aphorisms have a way of staying…

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