Watch the Warren Buffett Documentary
You’re a business person. You have a product and want to make money. So you work hard and use what resources you have to make the most of what you can. That all makes sense but there are other factors at work you need to pay attention to. Laborers work hard and professors are smart but neither gains extreme wealth. You need to ask yourself why you want to make money and what you are doing to achieve that goal. There is a common notion in America that the rich are made up of doctors and lawyers. In fact, the most common profession for millionaires is the farmer. Think about it, professionals have advanced schooling to pay for plus the lifestyle of fancy cars and clothes adds up. Plus, the millions don’t come until decades into their careers. Warren Buffett can claim his wealth because he plays a game of numbers. Patience and wisdom are his guidelines for success.
In a new documentary about Warren Buffett, he talks to the audience about what makes his story special. The first characteristic you observe about him is his modesty. He still lives in the town he was born in Omaha, Nebraska. A place while being able to tote the claim of most billionaires per capita. It is really just a way of saying, a low population city with Warren Buffett and his associates. He displays his modest living by residing in the same house since 1958, a suburban duplex. He drives a modest car. And eats the same breakfast, McDonald’s and a Coke, every day. He takes this ritual to a superstitious level. He predicts the stock market and reflects it to save a few pennies between buying a $3 or a $4 breakfast. These little quirks give Buffett a magical quality. He could afford anything he wants yet he puts restrictions on himself and his delights. The entire stock market is just a game for him and he applies this reward as some form of meaning.
Buffett is somewhat of an oddball. He always has been. In high school, he was mischievous but not in the boring whoopie cushion way. His teachers bought AT&T stock as their retirement plans so young Warren shorted the stock to aggravate them. This sense of humor is vital for those who want to succeed. Nothing in life is a sure bet and playing the outsider can be an advantage.
When it comes to doing business he is the master of risk versus prudence. He knows that every stock he buys will not score him earnings. But if he remains steadfast to a particular branch of the market he knows that gold will eventually strike. This business sense derives from organization and patience. When selecting stocks, he diversifies so no one drop in a stock can affect him. The method for gaining large amounts of income is by staying centered to the stocks he picks. Then he waits for the swing to come towards him. He knows what he does and this is his advantage. He sticks to his guns on numbers. When he said he would sell a stock if there were an offer tendered at $11.50 and the offer for $11.35 came he did what no other business man would. He bought more stock until he controlled the failing company. This of a point was not about the money he would lose but about the principle. He has a definite idea about what he is worth and what he feels a stock should be worth. If it doesn’t hit the mark exactly then waits or retaliates to get what he thinks is fair. Stocks are cold, hard numbers and that’s the way he feels about them. Patience overrides negotiations.
In stark contrast to his hard-nosed business platform is his approach to politics. Having a father who was a far-right conservative, saw the damage true idealism can cause. His wife was incredibly active in the Civil-Rights movement of the 1960’s. That was the determining factor in him changing of political parties from Republican to Democrat. This is again, a similar aspect to his family life where he puts people first. People come before ideas and before profit. Family first.
Watch the full video on HBO or on the link below: