Warren Buffett shares advice on becoming successful

00:08:52
https://www.youtube.com/watch?v=Tr6MMsoWAog

Zusammenfassung

TLDRIn a candid discussion, Warren Buffett defines true success as being loved by those who matter to you, rather than accumulating wealth. He emphasizes the importance of investing in oneself, particularly in communication skills, and taking care of one's mind and body. Buffett advises surrounding oneself with better individuals and choosing the right partners in life and business. He warns against common investment mistakes, advocating for long-term strategies over frequent trading. Additionally, he shares personal habits, including his breakfast preferences and views on education, concluding with insights into his daily life and financial habits.

Mitbringsel

  • ❤️ True success is being loved by those who matter.
  • 📈 Invest in yourself; communication skills are key.
  • 🧠 Take care of your mind and body from a young age.
  • 👥 Associate with people who are better than you.
  • 🚫 Avoid frequent trading; invest for the long term.
  • 🎓 Business school isn't necessary for everyone.
  • 🍔 Buffett enjoys simple foods he loved as a child.
  • 💵 He carries around $400 in cash.

Zeitleiste

  • 00:00:00 - 00:08:52

    Warren Buffett defines true success as having love from the people you care about as you age, emphasizing that wealth alone does not equate to happiness. He advises that the best investment one can make is in oneself, particularly in communication skills, which can significantly enhance one's value. Buffett stresses the importance of taking care of one's mind and body, as they are the only ones you have for life. He also highlights the significance of associating with people who are better than you, as this influences your direction in life. Buffett warns against common investing mistakes, such as overtrading and not understanding the value of long-term investments. He shares his personal breakfast habits, indicating he eats what he enjoys rather than adhering to strict dietary rules. Regarding education, he believes its value depends on the individual rather than the institution, suggesting that college is not necessary for everyone. In a lightning round, Buffett shares personal preferences, including his favorite song, movie, and book, and mentions he carries around $400 in cash, primarily for convenience.

Mind Map

Video-Fragen und Antworten

  • What does Warren Buffett define as true success?

    True success is having the love of the people you want in your life.

  • What is the best investment according to Buffett?

    The best investment you can make is in yourself, particularly in communication skills.

  • What advice does Buffett give about health?

    Take care of your mind and body from a young age, as you only have one of each.

  • How important is the company you keep?

    It's crucial to associate with people who are better than you.

  • What are common mistakes people make when investing?

    People often trade too frequently instead of investing for the long term.

  • Does Buffett think business school is worth it?

    It depends on the person; not everyone needs a college education.

  • What is Buffett's favorite breakfast?

    He enjoys hot dogs, hamburgers, and ice cream, foods he liked as a child.

  • How much cash does Buffett carry in his wallet?

    He typically carries around $400.

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Automatisches Blättern:
  • 00:00:00
    Warren how would you define true success
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    well I've said many times that that if
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    you get to be 65 or 70 and later and and
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    the people that you want to have love
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    you actually do love you you're a
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    success I've never seen anybody that
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    reaches that age I mean I'm not talking
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    about somebody that's extreme poverty or
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    painters I'm gonna never seen anybody
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    that if they have a lot of people that
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    love them that there's other than happy
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    and I've seen some very very wealthy
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    people that they can testimonial dinners
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    doing named schools have sir and
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    everything there is nobody nobody loves
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    him you know their own kids would say
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    he's in the Attic he's in the Attic you
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    know okay what are say three pieces of
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    advice you would give to people who are
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    looking to succeed in business well I
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    by far the best investment you can make
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    is in yourself I mean that for example
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    communication skills I tell the students
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    that come that they're going to graduate
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    schools and business and they're
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    learning all these complicated formulas
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    all that if they just learned to
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    communicate better and both in writing
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    and person they increase their value at
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    least 50% no I mean if you can't
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    communicate somebody he says you know
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    it's like winking at a girl the dark
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    nothing happens you know basically and
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    and you have to be able to get get both
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    your ideas and and that's that's
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    relatively easy I did it myself with a
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    Dale Carnegie of course some people wish
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    I'd take it a shorter course not by
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    talking later on but it it's just hugely
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    important and you if you invest in
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    yourself nobody can take it away from
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    you I mean you and the second thing
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    which I'll get a certain criticism for
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    not living it but but I do tell the
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    those students you know that if I gave
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    you a car and it'll be the only car
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    you're getting them rest of your life he
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    take care of it like you can't believe
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    and he scratch you'd fix that moment you
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    read the owner's manual you keep it
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    garage into all these things and you get
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    exactly one mind of one and one body in
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    this world and and you can't start
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    taking care of it when you're 50 by that
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    time you little rust it out if you
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    haven't done anything so you know you
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    should
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    is really make sure that you just
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    remember that you just got one minor
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    body to get through life with him did it
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    do the most with it what about life
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    advice
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    well I've advises you know the most
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    important thing aside from the things
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    I've talked about already is it's really
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    who you associate with you want to
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    associate with people that are better
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    than you are
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    I mean basically you'll go in the
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    direction of the people that you
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    associate with and and you want to have
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    the right heroes you want people if you
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    want to emulate somebody you better pick
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    very carefully who you want to emulate
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    and and when obviously you can't pick
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    your parents they're gonna have an
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    enormous influence on you but you don't
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    get a choice on that but you get choices
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    as you go down the line and you who you
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    who you admire who you who you want to
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    copy and the most important for most
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    people in terms of that decision is
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    their spouse it's also important to in
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    terms of a partner in business but the
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    partner in life is is the most important
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    you'll you want to pick a spouse that's
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    little better than you are and then he
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    or she and you hope they don't figure it
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    out too fast
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    great biggest mistakes people make when
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    investing well they they try to but they
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    they just don't realize that all you
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    have to do is just buy across the shin
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    of America and they never listen to
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    people like me or read the papers or do
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    anything subsequently they think they
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    think that because you can trade you
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    should trade they but you buy a farm you
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    buy an apartment house so you can't
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    resell it tomorrow I don't know the
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    costs of moving around or you now you
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    get something handed to you liquidity
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    you know which is instant and so and the
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    the cost of doing it or pennies you know
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    compared to other kinds of investment
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    activity so because they can so easily
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    move around they do move around and
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    moving around is not smarter than
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    investing you have a pretty cool morning
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    routine regarding what you have for
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    breakfast and how prosperous you feel
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    what is that well that way and and I was
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    actually send somebody over to them now
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    to get me something since since I sent
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    the publicity I
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    from earlier describing my habits at
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    McDonald's hey I know somebody happened
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    had somebody go in the office but that
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    was that was a more for entertainment
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    value I I actually I eat exactly what I
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    like to eat yep
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    if I liked it on my sixth birthday and
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    my sixth birthday party when we had hot
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    dogs and hamburgers and coke and ice
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    cream with chocolate I still like it and
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    I don't care about anything subsequently
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    that I discovered it all by the time I
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    was six and if somebody offered me a
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    deal when I was 20 and said you're gonna
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    live one year longer you know instead of
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    living to 88 you lived 89 or whatever it
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    may be if you eat nothing but broccoli
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    and Brussels sprouts and onions and all
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    these things and I I didn't take the
  • 00:05:14
    last year off it probably won't be that
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    good anyway you know I Manso I eat what
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    I like the III
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    I I am NOT venturesome in that area
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    like how you lumped in onions with
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    broccoli and Brussels sprouts never
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    heard them I just don't have like onions
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    I don't put them in the same category
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    you and George HW Bush I think it's
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    Business School worth it depends on the
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    person and much more than it depends on
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    the school I mean I wouldn't worry some
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    people are gonna get a lot out of
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    advanced education and some people are
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    gonna get very little and I don't even
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    think it's important that every person
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    go to college at all I'm you know we
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    have all kinds of jobs at 70 or so
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    thousand a year eighty thousand a year
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    that college training is is not abuse
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    and and I actually was not keen on going
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    to college myself yeah my dad kind of
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    jolly man when he can get me to do
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    anything but and if they'd had an SAT
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    test those days he would have taken the
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    test for me yeah but but because I just
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    I was I knew I could have a good time
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    and I liked investing and I didn't
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    really feel like I could read the books
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    so I don't you know it's it's a big
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    commitment to take four years and the
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    cost involved and maybe the loans
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    involved that everything I think
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    depending on
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    what your interests are in life I don't
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    think I don't think it's for everybody I
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    think it's for a lot of people but there
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    ought to be a reason you're going and I
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    didn't really see much reason
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    all right last questions the lightning
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    rounds there's a few do you ever drink
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    water only under duress what is your
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    favorite all-time song it's undoubtedly
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    it's my way
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    what about movie favorite movie well I
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    like the Bridge on the River Kwai
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    because of the lot there were a lot of
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    lessons in that pleasant was a you know
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    enormous Lee fascinating catchy tune
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    also catchy tune also the ending of that
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    was sort of the story of life you know
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    he created the railroad the enemy did
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    come in across it you know it got it
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    favorite book well the favorite book
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    from the best book that had the most
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    impact on my life was the Intelligent
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    Investor by bedroom I knew you were
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    gonna say that
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    favorite TV show it's probably going to
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    be Nebraskans some huge bowl gave him
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    winning and finally what are you carry
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    in your wallet and how much money do you
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    tend to carry around well I probably
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    carry maybe $400 oh yeah I actually my
  • 00:08:20
    what my wife likes to use a cash so I
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    just take home a chunk of cash every now
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    and then she doles it out she looks at
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    my billfold and sees whether all the
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    hundreds are gone six of you it's pretty
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    simple and a credit cards I've got an
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    American Express card which I got in
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    1964 but I I pay cash 98% of the time if
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    I'm an arrest always pay cash it's just
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    easier Warren Buffett thanks very much
Tags
  • success
  • investment
  • communication
  • health
  • relationships
  • business
  • education
  • personal habits
  • Warren Buffett
  • advice