Last weekend, I attended Warren Buffett’s Berkshire Hathaway Annual Meeting in Omaha.
It was an incredible experience.
9 ideas from the event that I can't stop thinking about:
It was an incredible experience.
9 ideas from the event that I can't stop thinking about:
1. Go where you don’t belong.
One truth I’ve learned over and over again in my life: Good things happen when you put yourself in rooms where you don’t feel like you belong.
Remember: That feeling of uncertainty, fear, and discomfort is usually a sign of growth.
One truth I’ve learned over and over again in my life: Good things happen when you put yourself in rooms where you don’t feel like you belong.
Remember: That feeling of uncertainty, fear, and discomfort is usually a sign of growth.
2. Self-awareness is a cheat code for life.
During the Q&A portion of the meeting, Warren Buffett was asked about his perspectives on AI.
He opened his response with, "I don’t know anything about AI" before sharing his perspective on his fears around the technology.
(cont.)
During the Q&A portion of the meeting, Warren Buffett was asked about his perspectives on AI.
He opened his response with, "I don’t know anything about AI" before sharing his perspective on his fears around the technology.
(cont.)
In a world filled with people who will wax poetic on topics on which they have zero depth, the self-awareness was striking.
The ability and willingness to understand and embrace your competencies and deficiencies is a cheat code for life.
The ability and willingness to understand and embrace your competencies and deficiencies is a cheat code for life.
3. Focus on game access first, game selection next.
The early years of your life and career are all about game access:
The opportunities that you get access to that allow you to learn, build experience, and create a mental map of your likes, dislikes, and competencies.
(cont.)
The early years of your life and career are all about game access:
The opportunities that you get access to that allow you to learn, build experience, and create a mental map of your likes, dislikes, and competencies.
(cont.)
But once your map is developed, everything becomes about game selection:
Choosing wisely about how you deploy your finite energy into the games before you.
Say "no" to the vast majority of opportunities so that you can concentrate on those likely to drive asymmetric rewards.
Choosing wisely about how you deploy your finite energy into the games before you.
Say "no" to the vast majority of opportunities so that you can concentrate on those likely to drive asymmetric rewards.
4. Find your Foxhole Friends.
Warren Buffett reminisced on his partnership with the late Charlie Munger, saying that they had even more fun with the failures than the successes.
"Then we had to really work…it was more fun digging out of a foxhole together."
(cont.)
Warren Buffett reminisced on his partnership with the late Charlie Munger, saying that they had even more fun with the failures than the successes.
"Then we had to really work…it was more fun digging out of a foxhole together."
(cont.)
Shared struggle builds bonds:
It releases oxytocin, a chemical that creates feelings of love and connection.
Navigating painful tests and failures with someone may be more fun and bond-creating than celebrating the wins with them.
Find your Foxhole Friends. Cherish them.
It releases oxytocin, a chemical that creates feelings of love and connection.
Navigating painful tests and failures with someone may be more fun and bond-creating than celebrating the wins with them.
Find your Foxhole Friends. Cherish them.
5. You’d rather have one sharp knife than 1,000 dull ones.
Buffett commented that he would rather have one Ajit Jain (his deputy) than thousands of mediocre operators and analysts.
The broader insight: You’re better off with one razor-sharp blade than 1,000 dull ones.
(cont.)
Buffett commented that he would rather have one Ajit Jain (his deputy) than thousands of mediocre operators and analysts.
The broader insight: You’re better off with one razor-sharp blade than 1,000 dull ones.
(cont.)
As you think about your own career, be wary of having 1,000 dull knives in your arsenal—focus instead on sharpening one.
Bruce Lee said it best:
"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times."
Bruce Lee said it best:
"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times."
6. Being interested is a rare and powerful trait in the modern world.
Reflecting on Charlie Munger’s life, Buffett commented that he was so interested in the world that the world eventually became interested in him.
I loved that line.
(cont.)
Reflecting on Charlie Munger’s life, Buffett commented that he was so interested in the world that the world eventually became interested in him.
I loved that line.
(cont.)
Interested people are prone to giving their deep attention to something to learn more about it.
They open up to the world—they ask great questions and observe.
Being interested is how you become interesting.
They open up to the world—they ask great questions and observe.
Being interested is how you become interesting.
7. If you want to unlock new insights, you need to find your garden.
John D. Rockefeller would take regular breaks from his notoriously demanding schedule to mill about in his garden.
It was his personal escape, the place where he could think slowly and clearly.
(cont.)
John D. Rockefeller would take regular breaks from his notoriously demanding schedule to mill about in his garden.
It was his personal escape, the place where he could think slowly and clearly.
(cont.)
When I ask ultra-successful people about the daily rituals that contribute to their effectiveness, all of them cite some personal version of Rockefeller’s garden.
Buffett said he gets his best advice from himself:
"I talk to myself"
Find your garden, enter it daily.
Buffett said he gets his best advice from himself:
"I talk to myself"
Find your garden, enter it daily.
8. Complexity may sound sexy, but simplicity usually wins in the long run.
Intelligent people are drawn to sexy, complex answers and solutions.
They make you sound interesting.
But the pull towards complexity is a trap—it can lead you into a lot of bad decisions.
(cont.)
Intelligent people are drawn to sexy, complex answers and solutions.
They make you sound interesting.
But the pull towards complexity is a trap—it can lead you into a lot of bad decisions.
(cont.)
Occam's Razor says that the simplest explanation is often the best one—that simple is beautiful.
When's the last time you chose the simple solution and came to regret it?
In relationships, business, investing, health, and life.
What if the correct answer is the simplest one?
When's the last time you chose the simple solution and came to regret it?
In relationships, business, investing, health, and life.
What if the correct answer is the simplest one?
9. Surround yourself with people you’d want to spend your last day of life with.
Buffett was asked what he would do if he had one more day with Munger.
He reflected that they had many "last days" together—that an average day was what they would have done on a last day.
(cont.)
Buffett was asked what he would do if he had one more day with Munger.
He reflected that they had many "last days" together—that an average day was what they would have done on a last day.
(cont.)
More importantly, he offered that we should all take the time to think about who we would want to spend our last day of life with...
and then spend tomorrow with them.
(cont.)
and then spend tomorrow with them.
(cont.)
The point: Who you choose to spend your time with is the most important decision you will ever make.
Don’t wait until your "last day" to spend time with the people who truly matter—because you never know when that last day will come.
Don’t wait until your "last day" to spend time with the people who truly matter—because you never know when that last day will come.
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