Words of wisdom from the Oracle of Omaha, Warren Buffet.
- Habits and character matter a lot…pay attention to how things are done not just what gets done.
- People who function well are not the ones with the “biggest motors” they are the ones with the “most efficient motors.”
- Story of founder of Nebraska Furniture Mart still working at age 101, and sharp as a tack
- If you can buy a business with a founder who has strong character and solid work ethic and smarts you can’t go wrong.
- Any good investment idea can be put in one paragraph.
- “Buy a business that is so good that any idiot can run it, because sooner or later one will!” Warren Buffet quoting Peter Lynch.
- Circle of confidence. You need to know what you know vs don’t know and be clear on where the edges are.
- When I find a good business I buy a lot of it and hold it for a long time, since there aren’t many of them out there.
- The time to sell a really great business is NEVER.
- I like business where I think I know what it will look like in 20 years.