Notes and Interview from "Billionaire Next Door" - Part Three
In the third portion of the interview, Buffett gets to talking about the annual shareholders meeting, and others comment how its become the equivalent of a "Woodstock for Capitalism."
A professor from Missouri also talks about how he has taken the things Buffett has taught and lived and turned them into a college course. One of the students commenting on the course says that one of the things he learned is that ethical business is always good business.
When asked from young people what the most important things to do for success were, he said that the first would be to stay away from credit cards. He said it's one of the biggest problems people communicate with him about in relationship to financial problems.
The second bit of advice was that people need to invest in themselves.
The professor of the course talks about the Buffett strategy of looking for or building unique companies. A company that is very difficult to duplicate; one that as a result has a strong defensive moat around it protecting it from its competitors. Another invaluable asset is the discipline of focusing on what it is you know and staying within those parameters.
In reference to annual reports, Buffett said that they need to be true reports that tell all sides of the story for the year, not simply be a marketing document or talk that only talks about the good things and not the mistakes or failures. Things can't ever be great all the time for any company.
When faced with the inevitable scandals that occasionally have broken out, Buffett wasn't afraid to clean house and get things righted again. He is largely credited with saving Solomon during their troubles.
Five Part Video Series:
Notes From Interview "The Billionaire Next Door" - Part One
Notes From Interview "The Billionaire Next Door" - Part Two
Notes From Interview "The Billionaire Next Door" - Part Three
Notes From Interview "The Billionaire Next Door" - Part Four
Notes From Interview "The Billionaire Next Door" - Part Five
Other Buffett Sources:
10 Secrets Hidden in Warren Buffett's Wallet
The Warren Buffett You Don't Know
Warren Buffet-Strategic Planning
Some practical advice from investment guru Warren Buffett
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Notes and Interview from "The Billionaire Next Door" - Part OneWarren Buffett invited CNBC to do an interview with him on his life story and insights into what has made him so successful with Berkshire Hathaway (BRK-A).He... [Read More]
Tracked on: April 16, 2007 11:19 PM | Permalink to Trackback