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Takeaways From “Becoming Warren Buffett”

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Success leaves clues, which is why we at Investigroup are constantly looking for learning opportunities from those who have set the precedent in the business and investing industry before us. We are committed to excellence in how we perform our jobs in serving our clients (small to medium sized business owners, often family-owned) so that we increase the chances of positive outcomes with our investors.

Recently, some of our team members watched HBO’s documentary called “Becoming Warren Buffett”. Both a well-respected business man and a renowned investor, we thought it would be relevant to share our top takeaways from this wonderful documentary.

1. You get one body and one mind and you need to treat both of them well.

2. Pay attention to your childhood passions. As a child, Warren went into business early by selling things door-to-door where he learned that he liked being his own boss and the power of compounding.

3. Don’t take things for granted. His office has framed newspapers with headlines documenting days of extreme panic on Wall Street “just as a reminder that anything can happen.”

4. If you know why you’re doing what you’re doing, that’s good enough – one of the many lessons he unconsciously absorbed from his father. This helped Mr. Buffett have a sense of self and not to worry too much about what other people thought of him.

5. Face your fears. He once took a Dale Carnegie course to solve his fear of public speaking and he says that if he hadn’t done that, his whole life would be completely different.

6. Consistency counts. Warren always made time for dinner with family. His kids knew when they would hear the garage door open.

7. Know what you’re good at, then commit to being excellent at it. And when someone tries to question your authority in that domain, go back to your sense of self and be confident. and don’t listen to the noise.

8. You might have feelings about a stock, but it has no feelings about you. Keep emotion out of investing.

9. Surround yourself with people you can trust – even if they’re not “polite” about their advice.

10. Stay true to your values. Warren was not a fan of Wall Street bankers and the misleading practices that cheated the clients. Even though Wall Street seemed like the easy way to make the money, he decided to commit himself to creating a business that suited him.

11. Be a life-long learner. He spends five to six hours a day reading.

12. It takes twenty years to build a reputation and five minutes to lose it.

13. Investors in your company are partners. That’s why the Berkshire-Hathaway annual shareholders meeting is a celebration of all of those who have ownership in the company.

14. If you give love away, you get it back. If you try to hold on to it, you lose it. The movie didn’t say it directly, but the same might be said for money.

15. Do what you love and you won’t work a day in your life.

What have you learned from your favorite investors? Let us know in the comments below.

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