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Sunday, November 16, 2014

Warren Buffett's Quotes on Continuous Learning & Professional Development

Warren Buffett's Key to Success: Continuous Learning & Professional Development

A Ravenous Appetite for Quality Information Corralls Opportunities
that Other Investors may have Missed or Overlooked

Here are some of the quotes arising from the beliefs and tenets underpinning Warren Buffett's and Charlie Munger's outstanding and long term, investment success (and my comments {in blue}):

"The best thing a human being can do is to help another human being know more."
— Charlie Munger (You can't deplete your Well of Knowledge by sharing - on the contrary you never know how many more (off)Springs this leads to).

"Go to bed smarter than when you woke up."
— Charlie Munger (Stagnation leads to Obsolescence - Progress or Retrogress).

"I can see, he can hear. We make a great combination."
— Warren Buffett, speaking of his partner and friend, Charlie Munger.
(1+1=5 - Behold the power of Synergy).

"I just sit in my office and read all day."
 — Warren Buffet (Information is not a Luxury but a Necessity).

"Look, my job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action. And Charlie - his children call him a book with legs." [Working Together: Why Great Partnerships Succeed]  (Your Job? What's your Reconnaissance Style?).
— Warren Buffett to author Michael Eisner

"You could hardly find a partnership in which two people settle on reading more hours of the day than in ours..."
—  Charlie Munger (Such like Minds are hard to find!)

"I don't think any other twosome in business was better at continuous learning than we were..."
"And if we hadn't been continuous learners, the record wouldn't have been as good. And we were so extreme about it that we both spent the better part of our days reading, so we could learn more, which is not a common pattern in business."
— Warren Buffett to Michael Eisner (Such like Minds are rarer than Hen's Teeth!)

"(I) read 500 pages like this every day. That's how knowledge builds up, like compound interest."
 — Warren Buffett  (What an apt and concise Comparison).

"We read a lot. I don't know anyone who's wise who doesn't read a lot. But that's not enough: You have to have a temperament to grab ideas and do sensible things. Most people don't grab the right ideas or don't know what to do with them."
—  Charlie Munger (It's not Quantity, it's also How you read backed up by Action).

"The person who says he knows what he thinks but cannot express it usually does not know what he thinks."
 —  Mortimer Adler (You can only articulate thoughts if they EXIST to begin with. Additionally it takes an Incisive Intellect to cut through the Haze (of data) to uncover Gems as it does an Investment Barista to distill a Library into a cup of Info-Espresso).

"Who's my most valuable client?" and "I have always wanted to improve what I do, even if it reduces my income in any given year. I always set aside time so I can play my own self-amusement and improvement game." 
—  Charlie Munger (on how and why he invests in educating himself.)

TIP: How to invest in yourself: Sell yourself an Hour each Day, ie. devote one hour of each day exclusively for investing in your personal development and growth, viz. "working ON your business" as opposed to "working IN your business". Applied consistently this will result in dividends far beyond short-term gains. Working IN your business has a Cashflow focus, working ON your business is Growth-focussed which can lead to massive wealth-creation results.

Q: Are you working ON your business? How much time are you investing in Yourself and your Business? What are the consequences of not taking action?

Monday, October 6, 2014

Joke About Real Estate Agents

An agent was dismayed when a brand new real estate office much like his own opened up next door and erected a huge sign which read “BEST AGENTS”.

He was horrified when another competitor opened up on his right, and announced its arrival with an even larger sign, reading “LOWEST COMMISSIONS”.

The real estate agent panicked, until he got an idea. He put the biggest sign of all over his own real estate office. It read: “MAIN ENTRANCE”

Thursday, August 21, 2014

Joke About Politicians

JOKE: The Economist Gets His Own Back

A man is flying solo in a hot air balloon and realises he is lost.
Spotting a man below he lowers the balloon and shouts, “Excuse me sir, but can you help me? I promised my wife I would meet her half an hour ago, but I don’t know where I am.”

The man below says, “You are in a hot air balloon, hovering approximately 30 feet above this field. You are between 50 and 52 degrees N. Latitude, and between 62 and 64 degrees W. longitude”.

“You must be an economist,” says the balloonist.

“I am,” replies the man. “How did you know?”

“Well,” says the balloonist, “everything you have told me is technically correct, but I have no idea what to make of your information, and the fact is I am still lost.”

The man below says, “You must be a politician.”

“I am,” replies the balloonist, “but how did you know?”

“Well,” says the man below, “you don’t know where you are, or where you are going; you have made a promise which you have no idea how to keep, and you expect me to solve your problem. The fact is you are in exactly the same position you were in before we met, but now it is somehow my fault.”

Tuesday, July 15, 2014

A Joke About Economists

A Joke About Economists

Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep.

Tells the shepherd, “I will bet you $100 against one of your sheep that I can tell you the exact number in this flock.”

The shepherd thinks it over; it’s a big flock so he takes the bet.

“973,” says the man. The shepherd is astonished, because that is exactly right.

Says “OK, I’m a man of my word, take an animal.” Man picks one up and begins to walk away.

“Wait,” cries the shepherd, “Let me have a chance to get even. Double or nothing that I can guess your exact occupation.”

Man says sure. “You are an economist for a government think tank,” says the shepherd.

“Amazing!” responds the man, “You are exactly right! But tell me, how did you deduce that?”

“Well,” says the shepherd, “put down my dog and I will tell you.”

Monday, July 14, 2014

Growth or Value Investing?

Should you be a value investor or growth investor for 2014? Watch this video.

Monday, July 7, 2014

The Best Way To Get Rich

Which asset class is the best performing one?
Looking back at returns in the last 10 years, 20 years ...
Next 20 years inflation expected so which asset class is predicted to do better?  Watch this video.

Sunday, July 6, 2014

33 Tell-Tale Signs You're An Entrepreneur

How Many of These Questions Resonate With You?
(Answer the Questions and Discover the Entrepreneur Within):

The Multi-Tasking Entrepreneur: Source

  1. Always thinking? Your mind's been accused of being 'over-active' (by those who were too sluggish to keep up)? As if there's something wrong with you because you don't resemble the herd? Now you know - that's how it is with entrepreneurs, and without conscious effort.

  2. Find inspiration often? Anywhere & everywhere because of your open-mindedness, instinct and keen, pro-active senses?

  3. Have a deep well of Passion? You're a driven person for the things you believe in. In fact you're obssessed once you start on a project.

  4. You're results-oriented? You have clear goals because you know what you want and you're not afraid to pursue these once your mind is made up.

  5. Good at spotting opportunities? And capable enough to secure some of these?

  6. Can-do attitude? Not afraid to get your hands dirty you do whatever it takes to get there.

  7. You can multi-task? A blessing when your cortex functions like a multi-core processor especially in the early start-up days when money can be scarce and sales are non-existent.

  8. Have Big-screen vision? And also the HD smarts to tackle small details?

  9. Have understanding of business, financial and tax aspects of businesses?

  10. You're a lifelong-learner? You have an insatiable curiosity and enjoy sharing as much as you enjoy learning from others.

  11. You love a challenge?  In fact you need ongoing challenges to keep life interesting?

  12. You can mingle with "kings and commoners"? You're streetwise and can engage with both mainstream - your future client-base? - and high-flyers.

  13. Have wide interests? This fuels your reading and vice versa. You're an avid reader.

  14. Self-motivated and auto-booting? You don't need an external boot-strap to get you out of bed each and everyday for the things you love.

  15. "I can do this better" when you see something sub-standard? Ideas spring to mind. You see potential, even castles where others see - mess or plain dirt!

  16. Articulate? You don't have difficulty communicating your vision, etc. Your persuasive power is greatly augmented by your enthusiasm and passion.

  17. Problem-solving oriented? You select the best instead of the easiest solutions. The long route is not a deterrent if it means the best results. 'Bring it on' is your battle-cry!

  18. Your work-ethic is colossal? You'd easily fit within any workplace in China (where 12-hour days are common).

  19. Jack-of-all-Trades? They say you won't be master of any if you're a JOAT but you know this is how you have to start until you secure venture capital funding. Ask any garage start-up. Sales, Tech, Finance, Gopher jobs - you tackle them all with gusto.

  20. Have loads of determination and resilience? "Can't keep a good man down forever" - that's You! How you get up is more important than how you fall. "The Art of the Comeback" by Donald Trump inspires you.

  21. Not afriad to take (calculated) risks?  where the benefits & odds of winning have been weighed against the possibility and the extent of potential losses.

  22. Have courage and wisdom? You stand behind your convictions and remain true to your ideals.

  23. You hate taking orders and chafe`if you have to work under 'managerial' buffoons? They on the other hand may be wary of you as a career threat (you unwittingly show them up?).

  24. You like being your own boss? Your ideas and style do not fit in at your current workplace.

  25. You're overworked and under-appreciated at work? Or you dislike your current job? You always dream about being elsewhere other than your job even if you do not dislike it.

  26. Your current job / field does not offer the freedom or scope to express your creativity or address your need to grow (to avoid being and feeling stunted)?

  27. You dislike the lengthy commute to-and-from work and the inflexible office hours?

  28. You are independent? A genuine free-thinker and not status-conscious.

  29. You want to change and improve the world or rescue it? You have a (big) dream.

  30. In tandem with this you feel a (strong) need to help people?

  31. You have a 'eureka' moment - you realise you want to start your own business?

  32. All your ducks (of opportunity) are lined up perfectly for starting a business?

  33. You have added incentive to strike out on your own? Perhaps an unexpected redundancy, illness, divorce, death in the family, 'midlife crisis' or other personal but pivotal circumstances eg. the arrival of a new baby.

If you answered these questions with more 'yes's than 'no's then it's time to start the business that you have been contemplating. When your ducks line up, take a shot because you can hardly miss. Roast duck, Peking duck - it's all yours for the taking!

The Best Time to Take a Shot is When Your Ducks are All Lined Up!

And if you still feel diffident about proceeding check out my Recipe for a 'Hope and Success Stew' that's been around the pantry of many a successful entrepreneur:

SUCCESS TIP: Behind the Dark Clouds of Doubt lies the Silver Lining of HOPE if you empower yourself to Believe!  Faith and Hope are the secret ingredients for Mashing Mountains especially if you add a generous dash of Committment, a ton of Elbow Grease and NEVER Quit Stirring Your Goulash until it's Cooked to Perfection ... and then SOME!!                                                                 Nb: >>

Your Dish is Not Done Until It's Served (aka Shipped - Steve Jobs).

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