![]() You’re not going to Harvard.” And so now I’m thinking “what do I tell my dad? This is terrible.” And it turned out to be the best thing that ever happened to me.” On Ben Graham: I got there, and he interviewed for about ten minutes, and he said “forget it. ![]() They told me I was to get interviewed in a place near Chicago. They found me a big pain in the neck but they did think I knew a lot about stocks.” Getting Rejected from HBS: So I decided it would drive my teachers a little crazy if I were to short the stock… So I shorted 10 shares of AT&T and brought the confirmation to show the teachers that I was short the stock. At that time for example, AT&T was the stock that all teachers owned for their retirement. I took pleasure in tormenting my teachers. And I lost all my friends and now I moved to a town where they were all strange, so I was very very unhappy. “When I was about 12 or 13 we moved to Washington, my family. But in terms of compounding, that penny’s turned into something else.” On Moving to DC: “I was delivering 500 papers a day at a penny a paper. Nobody was bothering me at five or six in the morning.” That’s one thing I liked about delivering papers. “I think I enjoyed the game right from the start.” And I sat and calculated how much it would cost to buy the first weighing machine and then how long it would take for that one to buy another one, sit there and create these compound interest tables to figure out how long it would take me to have a weighing machine for every person in the world.” On His First Job: And once of the ways was having penny weighing machines. “Very early, probably when I was seven or so, I took this book out of the Benson Library called A Thousand Ways to make $1000. It just felt good, working with numbers.” It was there, but it didn’t come out the same way it did with my dad.” On His Early Education: “She was very dutiful about taking care of the kids, but you didn’t get the same feeling of love. ![]() Just you know why you’re doing what you’re doing. Never worry about what other people are thinking about you. He believed very much in having an internal scorecard. He was a stock salesman, and he had what little savings he had in the bank and so he started his own company. My dad lost his job in 1931 a year after I was born. “ I was born in 1930 here in Omaha, Nebraska, during the stock market crash. Just a reminder that anything can happen in this world. But I wanted to put on the walls days of extreme panic in Wall Street. “Originally when I moved in in 1962… I went down to the South Omaha Library, and I think for a dollar, I got seven copies of old New York Times from big times like The Panic of 1907, this is a big one, 1929, obviously. “We have maybe 70, maybe 80 businesses and we ask them to behave in a way that doesn’t hurt our reputation at Berkshire Hathaway. It owns a large number of separate businesses that operate independently of each other and to a great extent from the parent company Berkshire Hathaway.” “Berkshire is a holding company, of sorts. It’s a pretty simple concept, but over time it accomplishes extraordinary things.” On Berkshire Hathaway: The king readily agreed it to it and by the time he figured out what 2 64 amounted to, he was giving away the entire kingdom.” “ Einstein is reputed as saying that compound interest is the Eighth Wonder of the World… It goes back to that story you probably learned when you were in grade school: Somebody did something for the king and the king asked “what can I do for you?” He said, “let’s take a chess board, and put one kernel of wheat on the first square and then double it on the second and double in on the third. And I just feel very, very lucky.” On Compounding: ![]() “I have for over 60 years been able to tap-dance to work just ’cause I’m doing what I love doing. You’ll jump out of bed in the morning because you’re really looking forward to the day.” The important thing to do is to look for the job you would take if you didn’t need a job and life is wonderful then. “The world is a great movie to watch, but you don’t want to sleepwalk through life. And that body and mind feels terrific now, but it has to last you a lifetime.“] But you’re going to get one body and one mind, and that’s all you’re going to get. Now what I’d like to suggest, you’re not going to get only one car in your lifetime. Now what are you going to do know that’s the only car you’re going to have and you love that car? You’re going to take care of it like you cannot believe. And it will be at your house tomorrow.Īnd you say, “well, what’s the catch?” And the catch is, that’s the only car you’re going to get in your lifetime.
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