31–40 of 83 posts
I love how Warren and Charlie, at 84 and 91 respectively, still bust each other's chops like they're college roommates.
That pattern is pretty typical when talking about women but not wanting to give it away from my experience of playing online warewolf (so yeah huge grain of salt needed there)
Edit: Seems like Mr. Munger mentions Mr. Jain and Mr. Abel, both male. I think I'll stick with my initial impression though :P
I love Warren Buffet's quote on hiring: “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.” Often we tend to focus too much on intelligence and too little on integrity. ht…
Earlier quoted context omitted.
It's all part of the image. Buffett gets a lot of miles out of the (authentic or not) aww-shucks folksy homespun image. He can do questionable deals and still not have his integrity questioned, and it's disarming in negotiations, in which, Buffett is as tough as they come.
The image is a funny mix of contrasts. In the 90s, he was living in a $100-200k home that he had lived in for 30 years and drove a pickup truck or crown Vic. But he travelled in a Gulfstream!
Even so, I believe there are takeaways. If we're building startups which have yet to prove themselves, it's still good to have a long term view. I'm reminded of Jack Ma's vision to build a company that lasts 99 years. Ma and Buffet's risks are—I believe—not pure chance but well calculated. Something I'm trying to improve personally but have a ways to go…
I would love to see a founder tell one of their investors this and watch their head explode.
I find the letter interesting as it contrasts so much with our Tech industry: mature vs. unproven, simple vs. complicated, sound past vs. promising future. It looks like the complete opposite of VC-influenced business. Even so, I believe there are takeaways. If we're building startups which have yet to prove themselves, it's still good to have a long term view. I'm reminded of Jack Ma's vision to build a company that…
I love Warren Buffet's quote on hiring: “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you really want them to be dumb and lazy.” Often we tend to focus too much on intelligence and too little on integrity. ht…
Those who are clever and industrious I appoint to the General Staff. Use can under certain circumstances be made of those who are stupid and lazy. The man who is clever and lazy qualifies for the highest leadership posts. He has the requisite nerves and the mental clarity for difficult decisions. But whoever is stupid and industrious must be got rid of, for he is too dangerous.”
Helmuth von Mioltke the Elder
Wait, haven't we all agreed that everybody above 50 are useless dinosaurs that cannot keep up with the time?
I eagerly await this next implosion too. Billions for companies that make nothing. Well rich people need to park their money somewhere. Just don't be the last one holding cards.