David Senra of Founders Podcast recently shared a summary list of lessons from Warren Buffett which I found valuable:
- Big opportunities come infrequently. When it’s raining gold, reach for a bucket, not a thimble.
- A funny thing about life: if you refuse to accept anything but the best you very often get it.
- The truly big investment idea can usually be explained in a short paragraph.
- Loss of focus is what most worries Charlie and me.
- When a problem exists, whether in personnel or in business operations, the time to act is now.
- The roads of business are riddled with potholes; a plan that requires dodging them all is a plan for disaster.
- A compact organization lets all of us spend our time managing the business rather than managing each other.
- Nothing sedates rationality like large doses of effortless money.
- The most elusive of human goals: Keeping things simple and remembering what you set out to do.
- Just run your business as if:
- (1) You own 100% of it;
- (2) It is the only asset in the world that you and your family have or will ever have; and
- (3) You can’t sell it for at least a century.
- The right players will make almost any team manager look good.
- Just tell me the bad news; the good news will take care of itself.
- Our managers have produced extraordinary results by doing rather ordinary things—but doing them exceptionally well.
- It’s difficult to teach a new dog old tricks.
- On a daily basis, the effects of our actions are imperceptible; cumulatively, though, their consequences are enormous.
- Charlie and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.
- Our experience has been that the manager of an already high-cost operation frequently is uncommonly resourceful in finding new ways to add to overhead while the manager of a tightly-run operation usually continues to find additional methods to curtail costs, even when his costs are already well below those of his competitors.
- Tomorrow is always uncertain.
- The trick is to learn most lessons from the experiences of others.
- In allocating capital, activity does not correlate with achievement.
- The less the prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.
Here’s the original tweet from David Senra:
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