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foreign in the stock market you get this wonderful opportunity to deal with this crazy psychotic uh partner called mr market and he does it with thousands of companies see and every day he gives you that offer and when he's wrong you take advantage of him but you don't start paying attention to what he's saying to tell you whether you're right or wrong you pay attention to him because he is there to serve you and not to instruct you mr warren necessarily the biggest but but buying berkshire hathaway itself was a mistake because berkshire was a lousy textile business and i brought it very cheap i've been taught by ben graham to buy things on a quantitative basis look around for things that are cheap and that i was taught that we'll say in 1949 or they made a big impression on me so i went around looking for what i call use cigar butts of stocks and the cigar but approach to buying stocks is that you walk down the street and you're looking around for cigarette butts and you find this honestly this terrible looking soggy ugly looking cigar one puff left in it but you pick it up and you get your one puff disgusting you throw it away but it's free i mean it's cheap and then you look around for another soggy you know one puff cigarette well that's what i did for years it's a mistake uh although you make money doing it but you can't make it with big money it's so much easier just to buy wonderful businesses so now i would rather buy a wonderful business at a fair price than a fair business at a wonderful price but in those days i was buying cheap stocks and berkshire was selling below its working capital per share you got the plants for nothing you got the machinery for nothing you got the inventory and receivables at the discount it was cheap so i bought it and 20 years later i was still running a lousy business and that money did not compound you really want to be in a wonderful business because the time is the friend of the wonderful business you keep compounding it keeps doing more business and you keep making more money time is the enemy of the lousy business i could have sold berkshire perhaps liquidated it and made a quick little profit you know one puff but staying with those kind of businesses is is is a big mistake is more smart people have gone broke through leverage than through any other uh activity a smart person can't go broke unless they use leverage i mean as one of my friends says if you're smart you don't need it and if you're dumb you got no business using it so it it just doesn't make sense so einstein is reputed have said that compound interest is the eighth wonder of the world or something like that and it goes back to that story you probably learned when you were in grade school where somebody did something for the king and the king said what can i do for you and he said well let's take a chess board and put one kernel of wheat on the first square and then doubled it on the second and doubled it on the third and the king readily agreed to it and by the time he figured out what two to the 64th amounted to he was giving away the entire kingdom so it's a pretty simple concept but over time it accomplishes extraordinary things mr warren buffett it's very important to surround your people yourself with people who are the better than you are you are going to move in the direction of the people you associate with so if you constantly i i've been enormously lucky in that respect i mean i've i've just had teachers and and friends and a spouse that really was a better person i was and i had enough sense to learn from these people that that life went better if you behave better yourself you
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