#101 Warren Buffett (The Tao of Warren Buffett)

What I learned from reading The Tao of Warren Buffett by David Clark and Mary Buffett.  --- [0:01]The more I heard Warren speak, the more I learned. Not only about investing, but about business and life.  [4:02] The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by someone who identified one wonderful business.  [5:45] It is impossible to unsign a contract, so do all your thinking before you sign.  [8:35] I don’t try to jump over seven-foot bars; I look around for one-foot bars that I can step over.  [14:27] The chains of habit are too light to be felt until they are too heavy to be broken.  [19:00] My idea of a group decision is to look in the mirror.  [22:14] When management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact.  [23:07] Managing your career is like investing—the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train.  [24:55] There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn’t require capital.  [27:00] I look for businesses in which I think I can predict what they’re going to look like in ten or fifteen year; time. Take Wrigley’s chewing gum. I don’t think the Internet is going to change how people chew gum  [28:50] You want to learn from experience, but you want to learn from other’s people’s experience when you can.  [29:20] The really good business manager doesn’t wake up in the morning and say, ‘This is the day that I am going to cut costs,’ any more than he wakes up and decides to practice breathing.  [30:07] A public-opinion poll is no substitute for thought / A story from a young Steve Jobs  [31:55] The business schools reward difficult, complex behavior more than simple behavior, but simple behavior is more effective.  [32:42] If you let yourse