I really enjoyed watching this talk by Warren Buffet last night. I hope you get a chance to watch it as well.

Here are some of my favorite parts (paraphrased)…

If you had to pick one person who you’d get 10% of their income for the rest of their life, who would you pick? You wouldn’t pick the person with the highest IQ, you wouldn’t pick the person who got the best grades in business school. You’d pick the person who had the qualities you like. The person you trust, who showed up on time, the person who gave credit instead of trying to take it. None of those qualities are difficult to have, you can just decide to be that kind of person.

Peter Lynch has always said, buy a business that’s so good that any idiot can run it, because sooner or later one will.

A kid from Harvard asked who he should go work for. I told him he should go work for whomever he admired the most. A couple of weeks later I got a call from the Dean, he said “what’d you tell these kids? They’re all becoming self-employed.”

Leave your children enough money so that they can do anything, but not so much that they can do nothing.

If you don’t see the video above, click here to watch it.

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