Business
What I learned from reading The Tao of Warren Buffett: Warren Buffett's Words of Wisdom: Quotations and Interpretations to Help Guide You to Billionaire Wealth and Enlightened Business Management by Mary Buffett & David Clark.Become a Misfit today and immediately unlock 50+ episodes of Founders available nowhere else. You will also receive two extra podcasts a month, and lifetime access to my notes on over 275 podcasts on entrepreneurship. The more I heard Warren speak, the more I learned. Not only about investing, but about business and life. (1:01), The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. (5:02), It is impossible to unsign a contract, so do all your thinking before you sign. (6:45), I don’t try to jump over seven-foot bars; I look around for one-foot bars that I can step over. (9:35), The chains of habit are too light to be felt until they are too heavy to be broken. (15:27), My idea of a group decision is to look in the mirror. (20:00), When management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact. (23:14),Managing your career is like investing—the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train. (24:07), There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn’t require capital. (25:55), I look for businesses in which I think I can predict what they’re going to look like in ten or fifteen year; time. Take Wrigley’s chewing gum. I don’t think the Internet is going to change how people chew gum (28:00), You want to learn from experience, but you want to learn from other’s people’s experience when you can. (29:50), The really good business manager doesn’t wake up in the morning and say, ‘This is the day that I am going to cut costs,’ any more than he wakes up and decides to practice breathing. (30:20), A public-opinion poll is no substitute for thought / A story from a young Steve Jobs (31:07), The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective. (32:55), If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well. (33:42), George Lucas unapologetically invested in what he believed in the most: Himself. (36:15), No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant. (42:15)A list of all the books featured on Founders Podcast.