Life lessons & checklist items from buffet & munger ( paraphrased by Scott Dinsmore).
Lose money for the firm & I will be understanding. Lose a shred of reputation & I eill be ruthless
Choose the best who will have you, Time & relationship are precious. Aim high & don’t accept anyone who doesn’t make you better.
it’s a mistake to think that rationality will always hold up , even in able people ( see Sokol, David )
You can always tell a man to go to hell tommorow, if it’s still good idea .
Don’t worry about occasionally failure – it happens
You can be cheerful even when things are deteriorating,Be rationality optimistic
Continuous learning is absolutely required to have any significant success in the world.Go to be little wiser than you woke up.
Own a Business that requires very little capital to grow
Don’t be too much in Rush
Conduct yourself in life so other people trust you. It helps even more if they are right to trust you.
Think about how you want to be remembered & act accordingly
Reduce expectations is the best line of defence as investor has
the problem with rules is that people break them
There are no grays area when it comes to integrity
It’s more enjoyable to create partnership with people you like & trust in order to do meaningful things than try to outsmart people out of
money
learn to communicate
Send letter to people you respect
Never trade something you have & need for something you don’t have & don’t need , even if you really want it ,
Greed & envy are very dangerous.
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