When Buffet was only 20 years old, he came to Washington and knocked at Geico’s door. Though it was audacious of him, later Buffet acquired Geico through Berkshire, which he calls ‘one of the pearls on the crown’. If he hadn’t dared enter Geico’s office 70 years ago, nothing would have worked out. Boldness pays off.
Measure things to improve them
Buffet has been keeping each copy of tax declarations since he was 13. That’s why the billionaire can say exact dates when he sold or bought Geico’s stocks. The lesson is simple: things you can measure should be recorded. Wherein, fixed achievements and fails — what you can learn from.
Believe what you see
Once Warren said: ‘The point is not what you look at but what you see.’ The investor spent decades on just watching Coca Cola. However, only 52 year after he observed the company, Buffet started investing in it. Of course, it lived up to his expectations and he earned a bunch.
Admit your mistakes
In the last letter to Berkshire stockholders Buffet made a mistake. The things is he called an overpayment for one of the companies ‘a hideous $11 billion waste’. Later Buffet admitted it was his fault. That was a quantitative mistake he made. The lesson is clear: it’s hard to learn from the mistakes you can’t admit.
Warren is certain: business is not Olympic Games. You will not get additional points for the task difficulty. So you can simply cross the obstacle instead of trying to take a complicated leap.
Money is not the point
Buffet says it’s really cool to have a private jet and comfortable apartment. However, having dozens of mansions is burdening. The most valuable assets in Warren’s life are his health and old friends. Money gives a lot, though you shouldn’t forget other important things.
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