Published on Oct 8, 2016

– Words of Wisdom From Warren Buffett w/ an introduction by Charlie Munger –

Billionaire Warren Buffett Speaks About Habits, Investing Philosophy, Business, His Partner at Berkshire Hathaway (Charlie), Improving Yourself and Your Business, and more!

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[drizzle]

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every single never took an aptitude test

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we're getting scoring 811 early even

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when he was no man he can play chess

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blindfold just below the Grandmaster

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level he had an awesome and relax it was

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so far the top 1000 the one percent and

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of course he get creative conglomerate

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because it was legally about at the time

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and he did it the way everybody else is

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doing it needed better he made a lot of

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money when they ran out of favor stock

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went way down the ball roll back for

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lessons work of course he died a very

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wealthy man and he was very rational he

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was quite similar chance someone can

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never be sure to stock option had

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certain commonalities of Warren that

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we're just logical outcomes as I was

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watching both Henry and warm invest and

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operate at the same time we had two

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great windows of opportunity to examine

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nature was interesting to me was how

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much smarter Warren was investing money

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that every Henry was born a lot smart

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but warning thought about investments a

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lot longer and more just ran rings

1:01

around Henry as an investor even though

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Henry was a genius and war with America

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almost genius

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I found that just fascinating just

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absolutely present they did they did ask

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that we might start off with talking

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about sort of what got us here and it's

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pretty simple in my case it's not IQ i'm

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sure you'll be glad to hear that

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yeah but everybody in this room has more

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IQ than they need to do my job that the

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big thing is rationality and energy you

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know I always look at IQ and and talent

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to sort of representing the the

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horsepower of the motor but then in

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terms of the output the efficiency which

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with the motor works that depends on

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rationality because a lot of people

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start with 400 horsepower motors and get

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a hundred or so far about but and it's

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way better to have a 200-horsepower

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motor and get it all and output and so

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why do i do smart people do things that

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interfere with really getting the and

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the output they're entitled to and it's

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it gets into the habits and the

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character into temper mountain it really

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gets into behaving in a rational manner

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it's and not letting not getting in your

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own way as I say everybody here has the

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ability a balut Lee to do anything I do

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and and much beyond and and some of your

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willing and some of you won't but it it

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will the ones that won't it will because

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because you get your own way home

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because the the world doesn't allow you

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to it will be because you don't allow

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yourself to the so I have one little

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suggestion for you pick out the person

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in the class that you admire the most

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and then write down why you admire them

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down a list of qualities you're not to

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name yourself in this

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and and then put down though it was the

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one that frankly you could stand the

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least in the whole group and put that

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put down the qualities that that turn

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you off in that person and look at that

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listen and you won't find it's a bunch

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of things like throwing a football 70

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yards or you know or anything of the

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sort the qualities of the first one that

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you admire her qualities that you with a

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little practice can make your own and

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which if practice will become habit for

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me the change of habit or too light to

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be felt until they're too heavy to be

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broken I mean my age I can't change any

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my habits i'm stuck but at your age you

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know you will have the habits 20 years

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from now that you decide to put into

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practice today so I just suggest that

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that you you look at the habit you

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admire and others for the behavior

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admire and others and and make those

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your own habits and you look at that

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what you really find somewhat

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reprehensible and others and just decide

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you know that those are things you're

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not going to do Ben Franklin did that a

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few hundred years ago and it still works

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today and if if you do that you'll find

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that you can burn all your horsepower

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and output so with that sermon I was

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wondering how you define success

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personally

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well I can certainly define happiness

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because that's what that's what I am i

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mean III and if that if that

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I mean I get to do what I like to do

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every single day of the year I get to do

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it with people i like I get the then I

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get to I don't have to associate with

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anybody cause my stomach to turn at and

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the only thing in my job I don't like

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this only happens about every four years

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aku have to fire somebody and I don't

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like that's the only thing other than I

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i tap-danced to work and and it it

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doesn't diminish its its tremendous fun

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they say that success is getting what

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you want and happiness is wanting what

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