Buffett, when he is teaching students often tells them:
“Just pick out the person you admire the most in the class, and sit down and write the reasons why you admire him… Nothing could be more simple than to try and figure out what you find admirable and then decide that the person you really would like to admire is yourself. And the only way you’re going to do it is to take on the qualities of other people you admire.”
Who is in your world that you can pick out and admire? Where do you want to be in life?
Your peer group is your power of influence. They will be the ones who will either lift you up or bring you down. Make sure you surround yourself with good people, who want to see you succeed. Make sure they have your best interests at heart and are helping you live to your highest potential. One of the mistakes that people make is that they think they can do everything themselves. Why not tap into your circle of influence for reference and knowledge?
Buffett as an investor prefers nurture over nature, you can see this from the conservative mindset that he has when it comes to investing. Nurturing his investment portfolio is actually what he does best. Buffet’s niche and favourite type of investment is in strong brand names and recession-proof investments. Investments and companies that are utility based are also another favourite. Apple Inc he has purchased, never sold and recently bought more – this is to give you an example of a strong brand name investment.
Warren told Forbes that his number one teacher was his dad, Howard Buffett. The number one piece of advice was that it takes 20 years to build a reputation, and 20 mins to lose it. So keep that in mind at the next function that you go to! Buffett describes his dad as being affectionate and inspirational.
Warren’s 2nd best teacher he believes to be his 1st wife – Susan Buffett (nee Thompson). He says that she ‘put him back together’. One of Warren’s finest quotes is “who you marry, which is the ultimate partnership, is enormously important in determining the happiness in your life and your success” and is mentioned by quite a few motivational speakers world wide.
Warren says that professional career was shaped by Benjamin Graham who told him, there are two rules to investing. 1: Don’t lose money, & 2: Don’t forget rule number 1. Warren bought a book written by Benjamin Graham by accident when he was 19, who was his professor at Columbia Business School and later on in life, became his tutor and mentor.
Buffett is a long term investor and has been in the game a long time. Warren started investing at a very young age, he was around 10 years old when he bought his first shares in the market – the first lesson he learnt after only making $5 profit off his initial investment was patience. Buffet is very successful – and he says ‘no’ to almost everything. He will only invest in a certain type of investment – and this is why he is so successful.
Warren told Forbes magazine in their 100th edition that he wants to be remembered as a teacher. So let’s learn what he has to teach and check our circle of influence out.