buffett’s career in less than 1000 words
TRANSCRIPT
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7/30/2019 Buffetts Career in Less Than 1000 Words
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Mubbetts @kreer ha Less Ycka ;??? ^fris ;
Mubbetts @kreer ha Less Ycka ;??? ^fris
@fgpfuaihan @kphtkl
Yce mksh` hiek fb ^krrea Mubbetts havesthan hs shgple! Yry tf `fgpfuai yfur `kphtkl kt tce bkstestrkte `fashsteat whtc k gkrnha fb skbety! Yckt gkrnha fb skbety ghnct me k strfan mklka`e sceet, fr
ht ghnct me k prfiu`t whtc chnc nrfss gkrnhas tckt bk`es lhttle `fgpeththfa! Mut `fgpfuai `kphtkl
fver tce lfan ckul! If ht, wcetcer ht hs pumlh` fr prhvkte havesthan! If ht, renkriless fb tce bfrg fb
tce ksset! If ht, hb yfu ckve tf `ckane ha ghistrekg brfg mehan ka ksset gkakner, tf mehan tce
gkakner fb ka havestgeat'frheatei `fanlfgerkte!
Ycfse kre tceges H whll explfre ha tchs essky, mut wcf `ka explkha Mubbett well ha less tcka ;???
wfris6
Muyhan @hnkr Mutts
Mea Nrkckg cki k cune habluea`e fa Mubbett, mut Mubbett wks chs fwa gka! Ce cki gkie gfaey
ha gkay wkys prhfr tf wfrdhan bfr Nrkckg&Aewgka ce wks k very irhvea, ieterghaei
gka! Mut muyhan iui fgpkahes wcere tce prh`e wks bkr lfwer tcka wckt tce aet kssets were
wfrtc wks k shgple strkteny tckt bew bfllfwei! Ht cki nrekt returas brfg tce ghi'0?s tf ghi'2?s
fr sf!
^cy6 Yce Nrekt Iepresshfa lebt tce stf`d gkrdet ha ihskrrky, kai `favha`ei k neaerkthfa aft tf
tfu`c stf`ds4 tcey were aft kmle tf me kaklyzei! Pf k bew eaterprhshan gea kaklyzei kai gkie k
lft fb gfaey!
Kbter Nrkckg'Aewgka bfliei ha ;852, Mubbett stkrtei chs fwa havesthan pkrtaerschps, wch`c ce
eveatuklly `fasflhiktei hatf fae pkrtaerschp ha!
Mut tcere were lhghts tf tchs exer`hse! @fgpkahes were sfli bfr k prfbht, kai tce augmer fb
`fgpkahes sellhan kt mkrnkha mksegeat prh`es scrkad irkgkth`klly! Mea Nrkckg bfliei4 ^krrea
Mubbett kikptei!
Eai fb Mubbett _krtaerschp
Mubbett eaiei chs havestgeat pkrtaerschp ks fppfrtuahthes ie`lhaei, kai ihstrhmutei fut tce sckres
tf cfliers krfuai ;828! Kbter k lhttle ielky, ce `fasflhiktei chs cflihans uaier Merdschre
Cktckwky! Ychs wks k shnahbh`kat gfve me`kuse afw Mubbett wks ruaahan k mushaess ks ka
havestfr! Ce cki pergkaeat `kphtkl, kai fuli use ht were ce tcfunct mest! Merdschre Cktckwky
htselb wks k bkhlhan texthle prfiu`er! Ha chaishnct Mubbett wks tff dhai, kai nkve ht tff gkay
`cka`es, ht wfuli ckve meea metter tf scut ifwa tce texthle `fgpkay ekrlher!
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7/30/2019 Buffetts Career in Less Than 1000 Words
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Mubbetts @kreer ha Less Ycka ;??? ^fris =
Yexthle @fgpkay tf Hasurka`e&@fanlfgerkte Cflihan @fgpkay
Mubbett ihs`fverei hasurka`e ekrly, tcrfunc NEH@F ha ;85=, kai tcea tcrfunc Merdschre Cktckwky
mfunct hasurka`e `fgpkahes wch`c me`kge tce meirf`d fb tce `fgpkay, ha`luihan muyhan 5?%
NEH@F ha ;8>9 tf res`ue ht! Ychs wfuli prfvhie tce `kpk`hty tf bhaka`e&leverkne havestgeat
hashncts!
Habluea`e fb @ckrlhe Guaner #Nrfwtc&Gfkt(
Chs brheaischp whtc @ckrlhe Guaner menka ha ;858, kai ce kbbe`tei tce wky Mubbett tcfunct kmfut
havesthan! @fgpkahes tckt cki prfte`tei mfuaikrhes fr, sustkhakmle `fgpeththve kivkatknes
ieservei k preghug vklukthfa! Yckt hashnct menka tf bree Mubbett brfg tce @hnkr Mutts, h! e!, iui
`fgpkahes tckt ckve af nrfwtc pfteathkl, faly sellfut pfteathkl! Pu`c mushaesses `fuli me mfunct
ha wcfle fr ha pkrt, mut tcey cki tf pfssess k iurkmle kivkatkne! Ychs wfuli plky k rfle ks Mubbett
wfuli muy @fde, @kphtkl @hthes, Kgerh`ka Express, ^ells Bkrnf, kai gkay ftcer chnc quklhty
mushaesses!
^hllhan tf wfrd _umlh` fr _rhvkte, kai ha`rekshanly _rhvkte
Ycfunc Mubbett wks dafwa ha tce >?s kai 3?s ks k pumlh` equhty gkakner hashie k pumlh` `fgpkay,
ce ha`rekshanly mfunct prhvkte `fgpkahes lhde:
Pees @kaihes Be`cehger Dhrmy Aemrksdk Burahture Gkrt Mfrscehgs P`ftt Betzer ^frli Mffd #af fae hs perbe`t( Mubbklf Aews #wcf `fuli ckve preih`tei tce Hateraet6(
Ychs `ckanei chs vhew fb wckt ce wks up tf, kai gkie chg whllhan tf rua ka kmafrgkl
`fanlfgerkte, fae tckt wfuli fperkte fa k ihsknnrenktei mkshs! Mubbett wfuli tkde tce bree `ksc
blfw brfg `fatrfllei `fgpkahes kai tce ihvhieais brfg pkrthklly fwaei `fgpkahes ka rehavest
tceg ha tce kreks ce tcfunct cki tce gfst prfghse!
P`kle rules fut Krmhtrkne & Ihstressei Iemt & Pgkll @kp Equhthes & aft
Ierhvkthves
Fver thge, Mubbett havestei ha gkay wkys, ifhan iekl krmhtrkne, muyhan ihstressei iemt, kai muyhan
sgkll `kp `fgpkahes! Ks thge weat fa ce cki tf kmkaifa tcese bfr twf reksfas: ce cki tff gu`c
`kphtkl tf put tf wfrd, kai `fgpeththfa ha`reksei, irhvhan returas ifwa!
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7/30/2019 Buffetts Career in Less Than 1000 Words
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Mubbetts @kreer ha Less Ycka ;??? ^fris 0
Ierhvkthves were ihbbereat, Mubbett wks whllhan tf tkde mets iurhan thges fb e`fafgh` stress sf lfan
ks ce ihi aft ckve tf pfst gkrnha! Ce tffd mullhsc mets fa UP @reiht kai Nlfmkl Equhthes! Gu`c ks
ce `rhth`hzei ierhvkthves ks nkgmlhan, ce wks whllhan tf tkde ka hatellhneat met wcere chs ifwashie
wks lhghtei!
Muyhan `fgpkahes whtc af ku`thfa & Yu`d'ha k`quhshthfas
Mubbett me`kge tce cfge bfr gea wcf wkatei tf sell tcehr `fgpkahes, mut preserve tce
`ulture! Mubbett ihiat pky tce chncest prh`e, mut ce ihi aft haterbere whtc tce aew sumshihkrhes!
Chs sumshihkry `fgpkahes wfuli if lhttle tu`d'ha k`quhshthfas tckt wfuli burtcer tce vhtklhty fb M]D,
whtcfut speaihan k lft!
Ha`rekshan Hasurka`e P`kle
Kai fver thge, mfunct kll fb NEH@F, Nea ]e, kai gkay ftcer sgkller hasurers! Puppfseily, kt fae
pfhat, Ckad Nreeamern skhi tf Mubbett, @kll ge wcea yfu ckve k rekl hasurka`e fgpkay+ Ycetwf were breaeghes bfr sfge thge! Mut tfiky, tce scfw hs fa tce ftcer bfft tce lkrnest hasurer
ha tce UP ha M]D!
Yce ha`reksei s`kle fb hasurka`e prfvhiei kll tce gfre kphtkl tf bhaka`e Mubbetts ksset muys! Yce
uaierwrhthan ihs`hplhae prfvhiei kiihthfakl prfbhts!
Fppfrtuahsth` _rfvhier fb @kphtkl
Iurhan tce `rhshs ha =??3'8, Mubbett prfvhiei `kphtkl tf well'renkriei `fgpkahes lhde NE kai
Nfligka Pk`cs! Ce wks rekiy bfr fii fppfrtuahthes lhde Murlhantfa Afrtcera, Lumrhzfl, kai Cehaz!
Ce wks klsf whllhan tf `ckane chs vhew fa muyhan mk`d sckres, setthan k lhae ha tce skai wcere ce
wfuli muy mk`d sckres, rktcer tcka ifhan k ihvhieai!
@fanlfgerkte Gkakner
Mubbett aever hateaiei tf rua k `fanlfgerkte, mut tckt hs wckt ce ihi, kai ihi ht very well, gu`c
lhde Ceary Phanletfa, wcf wks kaftcer `fgpfuaier!
Yckts wckt ce ifes afw! Ycere ht hs, ha less tcka ;??? wfris!
Klepc Mlfn