#100 Warren Buffett (The Snowball)

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Dec 1, 2019

Discover the extraordinary life lessons of a legendary investor. Explore Warren Buffett's duality as a teacher and practitioner of business. Learn about the pivotal moments that shaped his investment philosophy and his early struggles with public speaking. His advice on personal branding and the importance of relationships over wealth is truly inspiring. Reflect on how dedication and quality define success, as Buffett navigates the complexities of wealth and life. This journey showcases how personal experiences can lead to profound wisdom.

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ANECDOTE

Early Business Experiences

Warren disliked working at his grandfather's grocery store and learned he didn't like hard work.
As a teenager, he solved a business problem for his dad's friend, demonstrating early entrepreneurial skills.

ANECDOTE

Teenage Rebellion

As a teenager, Warren rebelled by stealing from Sears, becoming a "four-star delinquent."
His father's disappointment, more than punishment, motivated him to change his behavior.

ANECDOTE

Early Fascination with Biographies

Warren's bookcase held biographies of business leaders, sparking his interest from a young age.
He prioritized self-education and saw little point in formal schooling.

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What I learned from reading The Snowball: Warren Buffett and the Business of Life by Alice Schroeder.

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[0:01] What he was teaching were the lessons that had emerged from the unfolding of his own life

[4:35] The dichotomy of Warren Buffett

[9:20] Warren Buffett wants to be remembered as a teacher

[11:52] Buffett’s idea of Inner scorecard vs Outer scorecard

[13:49] Warren Buffett’s early family life

[18:03] Learning to avoid the habit of thinking in only one direction (18:03),

[24:30] Warren’s WHY

[29:58] A young troublemaker and how Warren’s dad convinced him to change his behavior

[32:20] Warren did what you are doing right now: Since a young age Warren had studied the lives of men like Jay Cooke, Daniel Drew, Jim Fisk, Cornelius Vanderbilt, Jay Gould, John D. Rockefeller, and Andrew Carnegie.

[33:48] Turning a rejection into one of the best things to ever happen to him

[38:30] Mimicry instead of independent thought: Warren didn’t understand why they couldn’t see what was right before their eyes.

[42:20] One of the most inspiring things about reading biographies is you are constantly reminded that we all have the ability to improve. A young Warren Buffett was so afraid of public speaking he would vomit.

[48:06] Warren learning from and working with his idol: Ben Graham

[52:20] Warren’s advice for everyone: Sell yourself an hour a day

[57:28] Intensity is the price of excellence and examples of people Warren wanted to do business with

[1:01:08] Warren Buffett is an obsessive/Munger would later call Buffett an implacable acquirer, like John D. Rockefeller in the early days of assembling his empire, who let nobody and nothing get in his way. (1:01:08),

[1:13:10] Warren Buffett on his biggest mistake

[1:16:11] What Buffett valued in the lives of others/His idea about claim checks

[1:19:25] His “Twenty Punches” approach to investing

[1:22:38] Warren’s answer to the question, “What has been your greatest success and greatest failure?”

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