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picture of snowball rolled up with your hands picture rolling that snowball down the snowy mountain the snowball will start to get bigger and bigger the longer roads each roll it picks up more and more snow now higher the mountain you roll the snowball off of the bigger and faster the snowball gets this is essentially the life of Warren Buffett and the compounding of his investment he started at an early age and compounded for a very long time compounding is like the snowball effect the longer you compound your investment the bigger it grows the growth is also exponential just like when you roll a snowball off of a mountain the snowball Warren Buffett and business is life by Alice Schroeder this book is the biography of the greatest investment wall type this book puts a lot of important life lessons into one book where you can enjoy the wonderful events of Warren Buffett's light mix what wisdom here are three big ideas that you can take away to improve your chances of success number one the ovarian lottery Warren Buffett very famously display his humility by spreading his idea of the ovarian lottery and a lot of interviews the ovarian lottery is winning the chance to be born in South America if you calculated based on the fact that there are 7.5 billion people in the world and approximately 330 million of them are in America the odds are around 4.5 percent chance of being born in the mountain and if you include other factors such as being born during a time of peace then the odds become more staggering why is being born in America so significant than achieving financial success according to Warren Buffett America has established laws and business infrastructure that how businesses drive it is the equivalent of having the best equipment nutrition experts and training to help you become an athlete Buffett also famously said while he was on the trip to China with Bill Gates that one of his tour guide to a hotel worker to be a Warren Buffett or Bill Gates born at a time in the part of the world where he or she is the ninth opportunity to live his or her winning the ovarian lottery is one thing but starting what a head start is another Warren Buffett knew at a young age that he wants to become a successful businessman and invested his family had established roots in America already Warren Buffett's grandfather was a small business owner who owned the grocery store for many years Warren Buffett's father is a stockbroker turned politician buffest grandfather and father were his early influences he will learn the basics of doing business and stock investment at an early age Warren Buffett started collecting data and bottle-cap as a child he invested in stock to assist the money at aged 9 he also started multiple businesses and delivering newspaper resale and active soda renting out pinball machines as a young adult Buffett filed his own taxes at age 13 made more money than the school teachers at age 16 and owned the farmland at age 18 he also bought his first luxury car before he turned 20 these milestones are unheard of for young adults this was all due to the benefits of having two mentors at an early age an experienced business owner as a grandfather and a stockbroker Warren Buffett learned a lot of business and life lessons during his teenage years this prepared him for his third lottery of his life he went to Columbia University to study under Benjamin Graham the father of value investor Benjamin Graham wrote the security analysis with David Dodd and the intelligent investment tool of Warren Buffett's favorite books after studying with Graham he would go to work at his firm and shadow him for a few more years having Benjamin Graham as a mentor in investing is equivalent of having Michael Jordan as you're meant to ambass ketball where all the business acumen he learned in his 20s Buffett was already a millionaire at age 25 and can retired comfortable e to the power of compounding by now most people are tired of hearing about compounding and how powerful of course it is and investing that is true however a lot of people overlook the fact that Warren Buffett had a lot of other things compound for him other things that confounded for Warren Buffett include network's reputation health and most importantly education and experience all these factors contributed to his financial success when interviewers asked Buffett what was his biggest accomplishment that he is most proud of Buffett would say his ability to overcome his shyness and improve his in fact warm pocket values a certificate for completing Dale Carnegie's forests over his Columbia diploma Warren Buffett knew he had weak communication skills in his 20s he knew that he needed to improve these skills in order to succeed so he took a fare Carnegie course to improve his people skills Warren Buffett even taught in school for a few years to get out of his comfort zone and improve his public speaking skills by improving these skills Buffett was able to grow as Network his biggest purchases were offered meeting the right people for example he befriended Katherine Graham from Washington Post rose bumpkin for Nebraska Furniture his biggest reward was networking skills as meeting Charlie Munger Charlie Munger is Warren Buffett's longtime partner we're shocked at the way Charlie Munger is also consider Warren Buffett's 4th mentor Charlie Munger change Bacchus mentality of buying good companies had a big price to buying great company at a good price these investments include a coca-cola of Wells Fargo and See's candy reputation is another factor that contributed to Warren Buffett's success Warren knew how important reputation is at a young age and did everything he could to protect it Buffett said it takes a lifetime to build a reputation and only five minutes to ruining Warren Buffett's most important asset as his reputation when a business owners looking to retire and sell their business they were approached Warren Buffett first other companies that sold to burst your Hathaway would testify for Warren Buffett's reputation this how Buffett get his first shot at great businesses before I even reaches the old urban market there are probably thousands of companies today seeking the opportunity to present their ideas to Buffett Buffett is also very conscious of his health he makes sure he is healthy and happy another famous analogy of Buffett is when you turn 16 a genie appears to grant your wish to own any part of your choice the only catch is the car you choose will be the only car you have for the rest of your life how will you treat that car you will probably do everything you can to protect and preserve it according to Buffett that car is your body you only get one body for your entire life how you treat the car should be how you treat your body you should give it the best food and proper care Warren Buffett's goal is to outlive his role model Rose bump gift of Nebraska Furniture who live until age 100 fool 3 thirst for knowledge and my whole life I've known no wise people who didn't read all the time none zero charlie munger one of the biggest contributions to warren buffett success is his thirst for knowledge Buffett will read books like 1000 ways to make money as a child you will go to public library and read every book that he can get ahold of on money this habit has stuck with him for the rest of his life butler spends 80% of his day reading he would read newspapers moody's magazine and books his knowledge and experience compounded throughout the years he went from buying individual stocks to buying companies as a whole he went from finds the business to find great businesses he went from having a hedge fund model to having a billion-dollar holding company all these improvements are from his lifelong habit of reading life is a long journey in order to maintain your success and get to the next level you must constantly improve no one is exempt from this rule not even Warren Buffett himself continue to learn and let your knowledge grow like a snowball remember that no matter how little money you have or how little you know as long as you continue to learn your knowledge will grow over time just like a small snowball it will grow very big if you give it enough time to roll down snowy mountain here is the final takeaway Warren Buffett is famous for sticking to his position of not investing in technology for many years because he is adamant of this principle to invest only in what you know as a result he missed some great investments like Intel and Microsoft in the past Warren Buffett and Berkshire Hathaway purchased 9.8 million shares of Apple stocks in May 2016 he also shares his thought that Google Apple Facebook Amazon and Microsoft are the new took money mate it seems he finally learned about technology enough to invest it congratulations to Warren Buffett his investment prowess has evolved into the next level of you even at age 87 Buffett is still learning and improving it is never too late thank you for watching this video please share and subscribe for more videos
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