Video Notes: Warren Buffett shares advice on becoming successful

How would you define true success? (0:00)

• People that you want to have love you actually do love you.

What are three pieces of advice you would give to people looking to succeed in business and life? (0:45)

• The best investment you can make is in yourself.
  • Example: communication skills
    • Students go to graduate schools and business and they learn all the complicated formulas. They can increase their value by at least 50% just by learning to communicate better, both in writing and in person.
    • Just like nothing will happen if you wink at a girl in the dark.
    • It’s relatively easy. I did it myself with a Dale Carnegie course.
  • When you invest in yourself, nobody can take it away from you.
• Take care of your body and mind. (1:45)
  • Just like owning a car:
    • If you had just one car for your entire life, you’d take amazing care of it.
    • Similarly, you only get one mind and one body. You can’t start taking care of it at 50; by then, it’s too late.
  • Just remember that you just got one minor body to get through life with, and do the most with it.
• Choose who you associate with. (2:28)
  • Associate with people who are better than you are.
    • You’ll go in the direction of the people that you associate with.
  • Have the right heroes, choose carefully who you want to emulate.
    • You don’t get to choose your parents. But you get choices down the line.
  • Think carefully who you admire and who you want to copy.
  • Especially true when it comes to choosing a life partner: pick a spouse who’s a little better than you are.

What are the biggest mistakes people make when investing? (3:28) 

• They don’t realize that all you have to do is just buy across the section of America.
• They think that because you can trade, you should trade.
  • Liquidity makes it easy to move around (switching investment opportunities), but it does not necessarily mean you should.

Can you share your morning routine regarding breakfast and how prosperous you feel? (4:12)

• I eat exactly what I like to eat.
  • I am not adventurous in this area: If someone offered me a deal when I was 20 to live one year longer by eating only healthy food, I wouldn’t take it.

Is Business School worth it? (5:34)

• It depends on the person, much more than on the school. Some people will get a lot out of advanced education, and some will get very little.
• I don’t even think it’s necessary for everyone to go to college at all.
  • I actually was not keen on going to college myself. My father got me to.
  • I liked investing and I knew I could just read the books.
  • The committment of 4 years and the cost involved are huge.
  • If you go to college, there ought to be a reason.

Your favorite book? (7:43)

• The Intelligent Investor 📘by Benjamin Graham had the most impact on my life.