Warren Buffett Motivation: 10 rules for Success

Summary

This video script offers insights into Warren Buffett's top ten rules for success, drawn from his early ventures to his rise as a legendary investor. Buffett emphasizes the importance of loving your work, understanding accounting, delighting customers, conquering fears, and sticking to your expertise. He also stresses the significance of reading, maintaining a good reputation, choosing to embody admirable qualities, and learning from mistakes. The script is a motivational guide designed to inspire viewers to incorporate these principles into their own paths to success.

Takeaways

• 😀 Warren Buffett's early ventures included selling Coca-Cola door-to-door and newspapers, which he enjoyed for the independence and business experience it provided.
• 📚 The importance of understanding accounting is emphasized as it is the language of business, crucial for making informed decisions and evaluating businesses.
• 🔄 Buffett highlights the value of learning from failures and having a genuine desire to delight customers, which is a key to business success.
• 🗣️ Overcoming fears, such as public speaking, is vital for personal and professional growth, and Buffett credits the Dale Carnegie course for helping him conquer his fear.
• 🛠️ Doing things your way and having autonomy in your work can lead to greater satisfaction and success, as exemplified by Buffett's management style at Berkshire Hathaway.
• 🏹 Sticking to your area of expertise is crucial for making sound investment decisions and avoiding ventures outside your circle of competence.
• 📖 Reading extensively has been a significant part of Buffett's life from a young age, contributing to his knowledge and success in investments.
• 🤝 Maintaining a good reputation is paramount, as it can be lost quickly and is difficult to rebuild, affecting all aspects of business.
• 🌟 Be the person you want to be by adopting qualities you admire in others and avoiding those you dislike, as these traits can significantly impact your personal and professional relationships.
• 🔄 Learning from mistakes is an essential part of growth, and Buffett's experience with Berkshire Hathaway and US Air illustrates the importance of recognizing and learning from poor decisions.
• 🎓 The Dale Carnegie diploma is the only diploma displayed in Buffett's office, signifying the life-changing impact of the public speaking course on his success.

Q & A

What was the speaker's early experience with business?

The speaker started selling stocks at the age of 20 and had been involved in various business activities from a young age, such as selling Coca-Cola door-to-door and delivering newspapers.

Why is understanding accounting important according to the speaker?

Understanding accounting is crucial because it is the language of business. Not knowing accounting is like being in a foreign country without knowing the language, which can hinder one's ability to effectively operate in business.

What is the significance of delighting customers in business success?

Delightingly customers is essential because it ensures customer retention and satisfaction. The speaker emphasizes that businesses that consistently delight their customers are more likely to succeed.

How did the speaker overcome his fear of public speaking?

The speaker overcame his fear of public speaking by enrolling in a Dale Carnegie course, which helped him develop his public speaking skills and gain confidence.

What is the speaker's philosophy on doing things in his own way?

The speaker believes in the importance of autonomy and doing things one's own way. He values the freedom to make decisions without external interference and finds joy in being his own boss.

Why is sticking to one's area of expertise important in business?

Sticking to one's area of expertise is important because it allows for better decision-making and valuation of businesses. The speaker advises focusing on what one understands well rather than trying to be an expert in every field.

How does the speaker emphasize the importance of reading?

The speaker highlights the importance of reading by sharing his own experiences of reading extensively from a young age. He believes that reading is a key to gaining knowledge and understanding various aspects of business and life.

What is the speaker's advice on maintaining a good reputation in business?

The speaker advises that maintaining a good reputation is paramount. He emphasizes that Berkshire Hathaway values its reputation highly and that any business decision should be able to withstand public scrutiny.

What qualities should one develop to be the person they admire?

The speaker suggests developing qualities such as an upbeat attitude, generosity, humor, and being considerate of others. He advises reflecting on the qualities one admires in others and striving to embody those traits.

What is the speaker's view on learning from mistakes?

The speaker believes that learning from mistakes is crucial for growth. He shares his own experiences of making mistakes in business, such as buying Berkshire Hathaway, and how those experiences taught him valuable lessons.

What is the speaker's advice on choosing a business to invest in?

The speaker advises investing in wonderful businesses at a fair price rather than fair businesses at a wonderful price. He emphasizes the importance of time being a friend to wonderful businesses, allowing for compounding growth.

Outlines

00:00

🚀 Embracing Challenges and Learning from Warren Buffett

The speaker reflects on the importance of stepping out of one's comfort zone, as exemplified by their own experiences standing on tables and engaging in unfamiliar activities. The paragraph introduces Warren Buffett's top ten rules for success, emphasizing the value of self-motivation and learning from successful investors. The speaker also mentions a series designed to build confidence and encourages viewers to join for daily motivation, with a link provided in the description. The narrative highlights the significance of surrounding oneself with people who inspire growth and the importance of understanding accounting as a fundamental business language.

05:01

📈 Understanding Accounting and Customer Delight

This section delves into the necessity of comprehending accounting for business success, likening it to the necessity of knowing a foreign language. The speaker shares Buffett's advice on the importance of understanding the customer and the value of continuous learning from failures. The emphasis is on delighting customers to ensure repeat business and creating memorable experiences that go beyond the price of products or services. The speaker also discusses the significance of conquering fears, particularly public speaking, and the transformative effect of the Dale Carnegie course on their life and career.

10:01

🛠 Doing Things Your Way and Sticking to Your Expertise

The paragraph discusses the importance of autonomy in one's work, drawing parallels between the speaker's and Buffett's approach to running their businesses. It highlights the joy of being one's own boss and making independent decisions, as well as the value of allowing others to operate in the same manner. The speaker also touches on the significance of staying within one's area of expertise, using the example of not investing in technology companies due to a lack of understanding. The narrative reinforces the idea that success comes from focusing on what one knows best and values the intellectual process of defining one's competence.

15:02

📚 The Power of Reading and Maintaining a Good Reputation

The speaker shares Buffett's love for reading and how it has shaped their understanding of investment and business. The paragraph emphasizes the importance of reading extensively to gain knowledge and insight. It also discusses the significance of maintaining a good reputation, using Berkshire Hathaway's ranking as an example. The speaker stresses the idea that reputation is more valuable than money and that all business actions should withstand public scrutiny. The narrative underlines the fragility of reputation and the need to protect it at all costs.

20:02

🌟 Becoming the Person You Admire and Learning from Mistakes

In this section, the speaker encourages viewers to adopt the qualities of the people they admire and to avoid the traits of those they dislike. The paragraph discusses the idea of self-improvement and the ability to choose the kind of person one can be. It also touches on the concept of learning from mistakes, using Buffett's experience with Berkshire Hathaway as an example of a significant error that taught valuable lessons. The speaker shares a special bonus clip on finding one's gift and concludes with a call to action, prompting viewers to reflect on their fears and take steps to overcome them.

🎓 The Impact of Dale Carnegie's Course and a Competitive Spirit

The final paragraph reflects on the profound impact of the Dale Carnegie course on the speaker's life, highlighting the importance of public speaking and personal development. It also touches on the speaker's innate competitiveness and inquisitiveness from a young age, which contributed to their success. The paragraph concludes with a reference to a related video about Warren Buffett, inviting viewers to explore more about his life and insights.

Keywords

💡Accounting

Accounting is the systematic recording, summarizing, and analysis of financial transactions. In the video, Warren Buffett emphasizes the importance of understanding accounting as the 'language of business.' It is crucial for making informed decisions about investments and business operations. Buffett suggests that not knowing accounting is akin to being in a foreign country without knowing the language.

💡Customer Delight

Customer delight refers to the experience of exceeding customer expectations to ensure satisfaction and loyalty. Buffett highlights the importance of focusing on the customer's experience and the need to 'delight the customer' every day. He uses the example of businesses succeeding when they provide a memorable and positive experience, which is more impactful than just focusing on the price.

💡Fear Conquering

Fear conquering is the process of overcoming personal fears or anxieties that may hinder personal or professional growth. In the script, Buffett talks about his fear of public speaking and how he overcame it by taking a Dale Carnegie course. This concept is linked to personal development and the idea that facing and overcoming fears can lead to significant life changes.

💡Doing Things Your Way

Doing things your way refers to the autonomy and freedom to make decisions and take actions according to one's own preferences and values. Buffett discusses the importance of running Berkshire Hathaway in a way that allows him to be creative and independent, without the need for external validation or interference. This concept is central to the idea of self-determination and personal fulfillment in one's work.

💡Area of Expertise

Area of expertise is the specific field or subject in which a person has deep knowledge and competence. Buffett advises sticking to one's area of expertise when making investment decisions. He mentions that he does not need to understand every business to make good investments, but rather focuses on what he knows well. This concept is crucial for making informed and successful decisions.

💡Reading

Reading is the act of looking at and interpreting written language. Buffett mentions his love for reading and how it has been a significant part of his life since childhood. He emphasizes the importance of reading extensively, especially in the context of understanding businesses and making informed decisions. Reading is portrayed as a key habit for personal growth and success.

💡Reputation

Reputation refers to the beliefs or opinions that people have about someone or something. In the video, Buffett stresses the importance of maintaining a good reputation, stating that it is more critical than making money. He uses Berkshire Hathaway as an example, highlighting how reputation can be easily tarnished and is hard to regain once lost.

💡Personal Qualities

Personal qualities are the characteristics or traits that define an individual's personality and behavior. Buffett encourages viewers to be the person they want to be by adopting qualities they admire in others. He suggests that qualities like an upbeat attitude, generosity, and humor are not innate but can be acquired, and these qualities can significantly impact one's personal and professional life.

💡Learning from Mistakes

Learning from mistakes involves recognizing and understanding errors and using them as opportunities for growth and improvement. Buffett admits to making mistakes in his investment decisions, such as buying Berkshire Hathaway and US Air. He emphasizes the importance of reflecting on these mistakes and using them to make better decisions in the future.

💡Motivation

Motivation is the drive or desire to achieve a goal or complete a task. The video is designed to be part of the viewer's daily success routine, aiming to motivate them to believe in themselves and take action. Motivation is portrayed as a key factor in achieving success, with the video providing lessons and strategies to inspire viewers.

💡Investing

Investing is the act of allocating resources, such as money, with the expectation of generating income or profit. Throughout the script, Buffett shares his insights on investing, emphasizing the importance of understanding businesses, valuing them correctly, and making informed decisions. Investing is central to the video's theme of financial success and personal growth.

Highlights

The importance of stepping out of one's comfort zone to experience personal growth.

The necessity of understanding accounting as the language of business for success.

Warren Buffett's early ventures in business, selling various products door-to-door.

The significance of compounding interest and its role in wealth accumulation.

Buffett's emphasis on learning continuously and adapting to business environments.

The value of customer satisfaction and its impact on business success.

Overcoming the fear of public speaking through the Dale Carnegie course.

The concept of doing things one's own way and the autonomy it provides.

The benefits of working in one's area of expertise for better decision-making.

The power of reading and continuous learning in personal and professional development.

Maintaining a good reputation as a cornerstone of business and personal conduct.

The importance of being the person you admire rather than the one you dislike.

Learning from mistakes, such as Buffett's experience with Berkshire Hathaway.

The preference for buying wonderful businesses at fair prices over fair businesses at wonderful prices.

The pitfalls of investing in businesses without a deep understanding, exemplified by the US Air investment.

The special bonus clip on finding one's gift according to Warren Buffett.

Actionable steps to conquer fears and the importance of taking small steps towards overcoming them.

The significance of numbers in Warren Buffett's life and his competitive nature from a young age.

The impact of the Dale Carnegie course on Buffett's life and his recommendation for others.

Transcripts

they made us do all these crazy things

to get out of ourselves and so we stood

on tables and did all kinds of things I

hadn't have done that my whole life

would have been different you have to

understand accounting like being in a

foreign country without knowing the

language if you're in business and you

don't understand the county by our

school I started selling stocks that was

20 years old of the taemin need

motivation watch a top 10 with believe

nation what's that believe me Shannon 7

I believe in you and this channel is

designed to be a part of your daily

success routine so let's get your

motivation to attend and get you

believing in you grab a snack and chew

in today's lessons from men who went

from being interested in investing at an

early age then going on to selling

newspapers and pinball machines to

becoming one of the world's most

successful investors and richest people

on the planet he's Warren Buffett and

here's my take on his top ten rules to

success volume 3 also if you want to

know what Warren Buffett and other

successful entrepreneurs have to say

about building unstoppable confidence

check out my 250 for confidence series

where every day for the next 254 days I

will send you a morning video for free

to help you build your confidence the

link to join is in the description below

it's important to so shave with people

that are better than yourself

okay let's kick it off with rule number

one love the game the allowance when I

was a little boy was a nickel a week but

I like the idea of having a little more

than ten decloaking to work with then I

went into business very early they

started selling coca-cola door-to-door I

sold gone door-to-door so Saturday folks

Liberty magazine ladies home surely his

name it I think I enjoyed the game

almost right from the start but I like

being my own boss that's one thing I

liked about delivering papers I got

arranged the route I wanted nobody was

bothering me at 5:00 or 6:00 in the

morning

[Music]

I was delivering 500 papers a day and I

made a penny of paper but in terms of

compounding is had penny surged into

something else

rule number two understand accounting

people ask me what they should take in

business school and and and or even if

they don't go to business school what

they need to know before getting in

business and I tell them you know you

have to you have to understand

accounting it's the language of idiot it

would be it's like being in a foreign

country without knowing the language if

you're in business and you don't

understand accounting so it it you want

to get as comfortable with that as you

are with the English language it it's

made me a lot of money because I I

listen to what Ray Dean had to say fifty

three or four years ago and have been

able to understand what I was seeing on

pieces of paper what that told me about

businesses and the limitations of what

it told me about businesses rule number

three the light customers Henry Ford as

you may know failed twice before he

started the Ford Motor Company in 1903 I

mean the the test isn't whether you get

the greatest does this idea in the world

the first time out the test is whether

you keep learning as you go along what

your strengths are and what you can do

for your customers what you can bring

especially to the party and to do that

you need a genuine a genuine desire

day-in day-out to delight the customer

I've never I've never seen a business

I've seen a lot of businesses but I've

never seen one that delight the customer

that that doesn't succeed I mean what

you want is that customer the next day

when they think do I want to rent a car

or do I want to buy some furniture what

goes through their mind you know it's

the place where they've had a great

experience um I don't know what I paid

for this type actually probably if

somebody gave it to me proof of the

purpose

of the speech I will say I I have no

idea but why they are the shirt I'm

wearing others but I do know I will

remember how I was treated what I bought

it I mean you long forget about the

price but you never forget whether you

have a good experience or a porridge

furnace with the purchase experience

rule number four conquer your fears

somebody once said that the chains of

habit or too light to be felt until

they're too heavy to be broken I had

been terrified of public speaking I

couldn't do it man throw up and I know

if I didn't cure it then they never

cured

and so I so I'd add in the paper to the

Dale Carnegie course which worked on

developing your ability to speak in

public and I went down there be thin a

good mile has the same effect as a puppy

field what a puppy wait they made us do

all these crazy things to get out of

ourselves and so we stood on tables and

did all kinds of things

I hadn't have done that my whole life

would have been different so in my

office you will not see the degree I got

from the University of Nebraska they'll

not say the master's degree from

Columbia University but you'll see the

little wart certificate I got from the

Dale Carnegie course rule number five do

things your way I'm 72 I'm getting

Social Security now so you know I write

it

I should be in Florida you know pushing

shuffleboard around or something of the

sort but but but I do what I can do

anything in the world I want to do but

what I want to do is run Berkshire

Hathaway now why do I want to run it

that way I get to paint my own painting

you know I go down there every day and I

feel like you know I feel like

Michelangelo there you know working on

the Sistine Chapel or something nobody

else may think it's a great painting but

I get to paint my own painting I do not

have people second-guessing me I do not

have B people saying why don't you use a

little more red paint than blue paint

why don't you paint a seascape instead

of Oh landscape I get to do my own thing

it's it's it's a form of creativity it's

it's exactly like somebody feels it's a

professional golfer or somebody feels

it's a painter they're not doing it for

the money primarily they're doing it

because they like doing something well

we've got a company flight safety with

it trains more pilots than anybody in

the world flight safety is run by an 85

year old man al Yoshi al started the

company and with $10,000 in 1951 it now

trains four or five times as many pilots

as that not military pilots as any as

anybody in the world and he is there at

85 and then it's a matter of public

record he's got a billion dollars worth

of Berkshire shares he works seven days

a week he loves him and he loves it for

the same reason that I love what I do he

gets to do it his way

he buys these big simulators that did

you train pilots and he doesn't have to

check with me as to whether to spend

fifteen million dollars for a simulator

he doesn't ask me he knows so much more

about it and you know but I do why in

the world would he ask me what I can't

tell what kind of a plane I bet you know

flying around and and alice is spending

a couple hundred million dollars a year

on simulators spending Berkshire

Hathaway money and he never checks with

Omaha he's never had to come to Omaha

for any kind of meetings he runs his own

business and that's what he loves in

life and I let him do it I mean that's

my contribution to it is is really

turning loose his energies and you know

they were properly directed before we

bought the company seven or eight years

ago why don't why should I think that

you know he couldn't keep running after

that and like I say at 85 he's still not

yet and that feeling of ownership is

really extraordinary and it's so much

better I mean it's the way I like to

work and it's the way you know it's the

way

sozin jock likes to work it's the way a

Yoshi likes to work rule number six

stick to your area of expertise I don't

need to be in Washington to figure out

what the Washington Post newspaper is

worth and I don't need to be in New York

to figure out what some other company is

work that's it's it's simply it's an

intellectual process and unless the most

static there is in that election process

really the better off you are what is

the intellectual process intellectual

processes is defining your level

defining your area of competence and

valuing businesses and then within that

area of competence finding whatever

sells at the cheapest price in relation

to value and there are all kinds of

things I'm not competent to value well

there are few that I'm a developer have

you ever bought a technology company no

I really haven't in 30 years of

investing not one I haven't understood

any of mine so you haven't ever boned

for example IBM when everyone

marv a company I made a sensational

company but I haven't known IBM and so

here is this technological revolution

going on and you're not gonna be a

participant right past me

is that all right with you it's okay

with me I don't have to make money in

every game I mean I don't know what

cocoa beans are gonna do I don't know I

kind of things I don't know about and

that may be too bad but you know why

should I know all about them having

worked that hard on insecurities

business you literally every day have

thousands of the major American

corporations offered you at a price and

a price that changes daily and you don't

have to make any decisions you have to

make that nothing is forced upon you so

you there are no called strikes in the

business the pitcher just stands there

and throws balls at you and if you're

playing real baseball and it's between

the knees and the shoulders you either

swing or you've got a strike called I

need to get too many calls I knew you're

out in the securities business you sit

there and they throw us steal a 25 and

they throw general motors at 68 you

don't have to swing at any of them they

may be wonderful pitches to swing at but

if you don't know enough you don't have

to swing and you can sit there and watch

thousands of pitches and finally you get

water right there where you want it

something that you understand and then

you swing and so you might not swing for

six months I might not swing for two

years rule number seven read a lot I

like to read more than most kids I

really like to read a lot

my auntie knee gave me a copy of the

World Almanac and that was heaven to me

and I can still tell you the thing

almost population was 214 thousand and 6

in 1930 some numbers just gotta stick

with you and very early probably when I

was 7 or so I took this book out of the

Benson library called a thousand ways to

make a thousand dollars

and one of the ways in this book was

having penny weighing machines

[Music]

and I sat and calculated how much it

would cost to buy the first weighing

machine and how long it would take for

the profit but that one to buy another

one I would sit there and create these

compound interest tables to figure out

how long it take me to have a weighing

machine for every person in the world

first books that read on investment

we're actually in my dad's office pretty

soon I read all the books in the office

and read some of them more than once a

few years ago I went to Amazon and sure

enough they had this manual there so

well reliving my youth other guys were

going to Amazon probably in and buying

old Playboy's or something but I bought

old movies manuals instead and when I

got school I started selling stocks that

was 20 years old at the time and looked

about 16 and acted about 12 so I was not

the most impressive salesperson anybody

ever met but what I would do was I went

through page by page looking for

possibly unvalued socks rule number

eight maintain a good reputation

leadership at Berkshire really consists

of taking a bunch of people who in a

baseball analogy would be four hundred

hitters and just handing them the bat

and just telling them to get up the

plate and take a big swing there's very

little to it beyond that one thing I do

is I send them a letter the only thing I

tell them and this letter which went out

January 20th 2003 it says it's been two

and a half years since my last metal now

how many big companies have managers out

there two and a half years since my last

memo here are a couple things to keep in

mind and number one and this is number

one every time though this doesn't

change it won't change two years and now

or four years from now or six years

number one we can afford to lose money

even a lot of money we cannot afford to

lose reputation even a shred of

reputation let's be sure that everything

we do in business can be reported on the

front page of a national newspaper in an

article written by an unfriendly but

intelligent reporter in many areas

including acquisitions berkshires

results of benefit of

reputation and we don't want to do

anything that in any way can tarnish it

last year Berkshire was ranked by

fortune as the fourth most admired

company in the world this year we were

third in the United States they just

published it

it took us 37 years to get there but we

could lose it in 37 minutes and that's

the message I mean we you know we can't

lose money it doesn't you know nicer to

make money but we've got we'll figure

out ways to make money but we can't lose

it we can't lose a shredder reputation

because you don't get it back and you

can I said 37 minutes but you couldn't

lose it a lot faster than that you can

lose it in five minutes

rule number nine be the person you want

to be if you look around you at the

people you admire you know they have

certain qualities I mean you've got

you've got friends why do you like them

you know generally you know that they

generally they have an upbeat attitude

on life generally they're generous

people they're humorous people there are

people that do more than their share

they're people that are thinking about

something nice they can do for you and

all of those qualities attract you and

none of those are our innate at Birth I

mean you you can acquire those and then

there's other people to turn you off you

know and they have habits they take

credit for things they didn't do they

don't show up on time whatever it may be

they're little dishonest about things

and if you're looking at your life at a

young age like you are and you can

choose what kind of a person you can be

why not be the person you admire rather

than the person you can't stand it's so

simple so just write down the qualities

you like take you to take your five best

friends why do you like them and just

write down those qualities and you will

find there's no quality there that you

can't have yourself and similarly with

the five people you can't stand to be

around put those put those things down

the turn you off about those people and

if they turn you off about them why

should you possess them you're gonna

yeah it's so simple you know it's it's

not it's it's not like it's not like

something complicated that you think you

should be learning with an advanced

degree educated as investing in the

stock market it's it's enormous ly

important to have people work with you

in life they're gonna work with you in

life if they like you and they may

occasionally I mean if you're in the

army or something you know you may work

for somebody that you don't like but by

and large you're gonna get the best out

of people if they feel good about you

and it's just so easy but you've got to

develop the habits early because you

can't say I'm gonna suddenly become a

terribly attractive person when I'm 60

it just doesn't work that way

so pick up the right habits now and I

will guarantee you if you actually just

write down those qualities and think

about it you will find you can have

every one of the attractive qualities

get rid of the ones that are are

negative and your life will be different

and rule number ten the last one before

a very special bonus clip is learn from

mistakes a lot of mistakes mistake not

the biggest necessarily the biggest but

but buying berkshire hathaway itself was

a mistake because berkshire was a lousy

textile business and I brought it very

cheap I've been taught by Ben Graham to

buy things on a quantitative basis look

around for things that are cheap and

that I was taught that and say a 1949 or

say they made a big impression on me so

I went around looking for what I call

you cigar butts of stocks and the cigar

butt approach to buying stocks is that

you walk down the street and you're

looking around for cigar butts and you

find this honestly this terrible looking

soggy ugly looking cigar the one puff

left in it but you pick it up and you

get your one puff disgusting you throw

it away but it's free I mean it's cheap

and then you look around for another

soggy you know one puff cigar well

that's what I did for years it's a

mistake you make money doing it but he

can't make it with big money it's so

much easier just by wonderful businesses

so now I would rather buy a wonderful

business at a fair price than a fair

business at a wonderful price but in

those days I was buying cheap stocks and

Berkshire was selling below its working

capital for sure he had the plants for

nothing he had the machinery for nothing

yet

inventory and receivables of the

discount was cheap so I bought it and 20

years later I was still running a lousy

business and that money did not compound

you really want to be in a wonderful

business because there the time is the

friend of the wonderful business you

keep compounding it keeps doing more

business and you keep making more money

tiya is the enemy of the lousy business

I could have sold Berkshire perhaps

liquidated it and made a quick little

profit you know one tough but staying

with those kind of businesses is a big

mistake so you might say I learned

something out of that mistake and I

would have been way better off taking

what I did with Berkshire as I kept

buying but better businesses I started

insurance business See's candy the

Buffalo all kinds thing I would have

been way better doing that with a with a

brand new little entity that I'd set up

rather than using Berkshire the platform

now I've had a lot of fun out of it I

mean everything in life seems to turn

out for the better so I don't have any

complaints about that but it was a dumb

thing to do I went in the US air I

bought a preferred stock in 1989 as soon

as my check cleared the company went

into the red never got out I mean it was

a really dumb I mean a dead I've got an

800 number I call now whenever I think

about buying an airline stock I call him

up any hour that fortunately I can call

him at 3 in the morning and I just

dialed and I said my name is Warren I'm

an arrow holic and I'm thinking about

buying this thing and then they talked

me down

takes takes hours sometimes but it's

worth it think about that airline buying

an airline stock call me and I'll give

you the 800 number because a

but we got lucky in terms of how we

eventually came out on but it was a dumb

dumb decision all mine

now I've got a really special bonus clip

from Warren on how to find your gift

that I think you're gonna really enjoy

but before that it's time for the three

point landing questions time to move

from just watching another video to

actually taking action in your life or

your business and if you're feeling bold

leave your answers in the comments below

here we go question number one what is

the biggest fear that you need to

conquer number two what would the person

that you want to be do about this fear

and number three what will you do today

to conquer that fear in some small way

I like numbers started before I could

remember it just felt good working with

numbers I was already playing around

with numbers in one way or another and

it was fun to have a bunch of guys over

in heaven betting on which Marvel would

reach the drain first I had a lot of

energy as a kid I was inquisitive and I

was the youngest one always in the class

cuz I'd skipped I've always been

competitive

the limited one would see ones were long

medium the most important work ever

if you had to think of one word that's

most important to you or that sums you

Apple that would become like a little

beacon

[Music]

if you want more Warren check out the 10

mind-blowing facts about Warren Buffett

beer that I made the link is right there

next to me I think you'll enjoy it

continue to believe and I'll see you

there

and the only diploma I have in my office

is the Dale Carnegie diploma but the

Dale Carnegie is up there because I

changed my life