WARREN BUFFETT

Many of us have role models or mentors or Gurus. It is not necessary that we should be known to them. It is enough if we know them and be willing to learn from them and develop their traits.

I’ve number of such mentors in both spiritual and financial arena.

J.Krishnamurthi, Eckhart Tolle, Nisargadatta, Ramana, Anthony de Mello, Paramacharya are some among the many names which comes to my mind as my spiritual mentors.

Likewise Warren Buffett, Peter Lynch, Benjamin Graham, John C.Bogle, Phil Fisher, Sir John Templeton are some among many who have shaped my approach towards ‘Personal Finance’.

I’m grateful to all of the above and continue to learn from them and get their guidance in various aspects of Life.

Currently, among the some books I’m reading, I want to share with you what I’m reading in the book ‘Warren Buffett Speaks- Wit and Wisdom from the World’s greatest Investor’ by Janet Lowe. As always with Buffett books, this book too contains his quotes of wit and wisdom in abundance.

1) Buffett’s opinion on dealing with press:

 As you may be surprised to know seldom there is a negative press about him even in a country like USA. Buffett always opines that it takes 20 years to build a reputation and 5 minutes to ruin it. If we think about it we will do things differently. Now let’s listen to what he says about Press.

“The tough part about it is that essentially there is no one, virtually with the exception of an assassin, that can do you as much damage as somebody can in the press, if they do something the wrong way.There may be Doctors out there who can do you just as much harm, but in that case, you initiate the transaction.”

2) On feeling good:

 “I keep an internal scoreboard. If I do something that others don’t like but I feel good about, I’m happy. If others praise something I’ve done, but I’m not satisfied, I feel unhappy”

 3) When Buffett asked his mentor, Benjahmin Graham for a job with no salary as he was very keen to work under him:

 “Ben made his customary calculation of value to price and said no.”

 4) When a journalist commented that Buffett wears cheap suits, with his characteristic wit he said:

 “I buy expensive suits. They just look cheap on me.”

 5) On aiming well:

“To swim a fast 100 meters, it’s better to swim with the tide than to work on your stroke.”

“Like Wayne Gretzky says, go where the puck is going, not where it is.”

6) On his Life style (which is very simple):

“I can’t think of anything in life I want that I don’t have.”

“It’s easier to create money than spend it.”

“I don’t measure my life by the money I’ve made. Other people might, but I certainly don’t.”

“Money, to some extent, sometimes lets you be in more interesting environments. But it can’t change how many people love you or how healthy you are.”

7) On honesty:

“Never lie under any circumstances. Don’t pay any attention to the lawyers. If you start letting lawyers get into the picture, they’ll basically tell you, ‘don’t say anything’. You’ll never get tangled up if you just lay out as you see it“.

8) On Friendship:

On how to define friendship

“I remember asking that question of a woman who has survived Auschwitz. She said that her test was, ‘would they hide me’?”

“I’ve a half dozen close friends. Half male, half female, as it works out. I like them, admire them. There are no shells around them”.

9) Buffet opines that inherited wealth is nothing but food stamps for rich.

“All these people who think that food stamps are debilitating and lead to a cycle of poverty, they’re the same ones who go out and want to leave a ton of money to their kids.”

10) As mentioned above Buffett does not believe in inherited wealth. Infact he has given almost his entire wealth to Bill & Melinda foundation for charity. He is not only the largest investor but also the largest giver (donor) in the world. When Buffett’s son Howard ran for country commissioner in Omaha, people assumed that because of his surname, his campaign would be well financed.On the contrary Warren Buffett said:

“I asked him to spell his name in lowercase letters so that everyone would realize that he was the Buffett without the capital”