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Steve Forbes interviews Warren Buffett & Jay-Z
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VituVingiSana
#1 Posted : Friday, September 24, 2010 12:03:30 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,097
Location: Nairobi
http://www.forbes.com/fo...s-summit-interview.html

Worth a read!

WB: What you need is emotional stability. You have to be able to think independently, and when you come to a conclusion you have to really not care what other people say. Just follow the facts and your reasoning.

WB: It never bothered me if people disagreed with what I thought, as long as I felt I knew the facts.

WB: If I knew the facts, and it went down, I bought more of it.

WB: I had the luck of getting turned down by Harvard, which meant I got to study under Ben Graham at Columbia, which changed my life.

WB: If you go back to when I was in my 20s, this sounds obnoxious, but I really did know I was going to become rich. I'd learned something that was going to work.

Hah... I say I will stick with KK & KPLC to lead me to greater heights!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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PKoli
#2 Posted : Friday, September 24, 2010 12:44:54 PM
Rank: Elder


Joined: 2/10/2007
Posts: 1,587
@VVS
Thanks for the quotes of WB. He has a strong conviction; it is called swimming against the tide. He is where he is because of what he believes in and executes, not what he is told to do.
For that reason, I will keep buying KCB.
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KenyanLyrics
#3 Posted : Friday, September 24, 2010 12:54:18 PM
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Joined: 4/16/2010
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Location: Nairobi
I like how he's honest about knowing that he was going to be rich. Most people in his position would have lied about not expecting anything/ being caught by surprise, etc etc
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tony stark
#4 Posted : Friday, September 24, 2010 1:38:13 PM
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Joined: 7/8/2008
Posts: 947
Interesting read. From Macy projects to lunch with Buffet and obama on the text. I'm waiting what jay says in a song about this lunch. Jay z whole life is in his albums.
Nice link VVS wasted 15mins (internet very slow) of my life but it was worth it!
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muganda
#5 Posted : Friday, September 24, 2010 3:36:00 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,905
@VVS, you just do your thing.

Read it then watched the video. My favourite quips:
You don't need a lot of brains in this business. I've always said if you've got an IQ of 160, give away 30 points to somebody else, because you don't need it in investments.

There's a whole bunch of things I don't know a thing about. I just stay away from those. I stay within what I call my circle of competence.

Everything you do earn is cumulative... what I learned at 20 is useful to me now. What I learned at 25 is useful to me now. It's like physics. There are underlying principles...

Knowing what to leave out is just as important as knowing what to focus on. Somebody said how to beat Bobby Fischer; you play him any game except chess. And so I don't play Bobby Fischer at chess.



And then some more from JayZ:
And there was this one sixth-grade teacher named Miss Lowden. She must have seen something in me, and she gave me this attention and this love for words. It's funny how it works, just a little bit of attention.

You know, music is like stocks, too. There's the hot thing of the moment. People tend to make emotional decisions based on that. They don't stick with what they know, you know, this is who I am.

I don't have that ego where I have to be the only guy on the bill. I'm cool with going out with other artists.

I just believe in giving people a better package so when they leave the concert hall, they want to come back again
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muganda
#6 Posted : Friday, September 24, 2010 3:49:51 PM
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Joined: 9/15/2006
Posts: 3,905
And now that we're reading, here's some of Warren Buffet's worst mistakes:
http://finance.yahoo.com/bankin...-buffetts-worst-mistakes

01. Conoco Phillips Mistake: Buying at the wrong price
In 2008, Buffett bought a large stake in the stock of Conoco Phillips (COP) as a play on future energy prices. However, this turned out to be a bad investment, because Buffett bought in at too high of a price, resulting in a multibillion-dollar loss to Berkshire.


02. U.S. Air Mistake: Confusing revenue growth with a successful business
Buffett bought preferred stock in U.S. Air (LCC) in 1989 -- no doubt attracted by the high revenue growth it had achieved up until that point. The investment quickly turned sour on Buffett, as U.S. Air did not achieve enough revenues to pay the dividends due on his stock.


03. Dexter Shoes Mistake: Investing in a company without a sustainable competitive advantage
In 1993, Buffett bought a shoe company called Dexter Shoes. Buffett's investment in Dexter Shoes turned into a disaster because he saw a durable competitive advantage in Dexter that quickly disappeared. According to Buffett, "What I had assessed as durable competitive advantage vanished within a few years." Buffett claims that this investment was the worst he has ever made.
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My 2 cents
#7 Posted : Wednesday, September 29, 2010 3:34:57 PM
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Joined: 6/2/2010
Posts: 1,066
OK guys, we know that WB is the master when it comes to investing but do take his success in context, he is the first one to admit that he'd never have achieved such stellar returns in any other market but America.

So when we go out a read all this American literature such as 'rich dad, poor dad' 'one up wall street' etc etc etc. Remember that at the end of the day we are in Kenya.

A half baked idea may get you rich in America whereas a VERY good idea may not break it even in our market. The masses are trying to feed themselves, looking for the basics.......so unless you are selling Unga, Bread etc etc. You will have to work very very hard.
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