💬 George Mack tweets…
In 2001, Warren Buffett gave a talk at the University of Georgia.
He asked them the most Warren Buffett question ever:
• If you could invest in a friend and get 10% of their income for life — who would you pick?
Once the students answered the question, he then asked this:
• Why would you invest in that person?
• What character traits do they have?Now they have a list of character traits to adopt.
Shortly after this, Buffett asked:
If you could short a friend’s earnings, who would you pick and why?
Now you have a list of character traits to avoid.
I believe this is the full talk on YouTube 👇
In that talk, Buffett also says at around the 29:30 mark…
The biggest mistakes I’ve made by far are mistakes of omission and not commission… it’s the things I knew enough to do, they were within my circle of competence, and I was sucking my thumb. Those are the ones that hurt, they don’t show up any place.
I probably cost Berkshire at least $5 billion.
He’s referring there to a business they could have bought for significantly less than its value, but didn’t.
It was the inaction that cost them 😩
Reminds me of that cliched old Mark Twain quote…
Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.
Cliched, but true.
What will you likely regret in 20 years if you don’t take action? 😕
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