If you scroll forward to about the 3.5 minute mark and start paying VERY CLOSE ATTENTION you will hear Warren Buffett impart one of the most important Making Money 301 lessons that you will ever hear …
[AJC: The lesson is simple: STOP WHEN YOU HAVE ENOUGH!]
… it might also help to explain to my friends why I am not rushing out to find “the next big thing” and why I have decided to limit my ‘venture capital-style’ investments to no more than $150k each (and, preferably ~$50k for each of my internet startups); then again, I don’t give my friends the same information that I give you … that would make me insufferable 😉
If you only take away one thing from this whole post, let it be these wise words paraphrased from Warren about certain ‘greedy rich people’:
To make money that they don’t have but don’t need, they risk what they do have and do need.
Can you see the idiocy in that?
If so, then you truly understand why I ask you to find your Number: it’s the ultimate antidote to playing Russian Roulette with your own finances!
Adrian, Thanks for sharing this with us. I went ahead and watched all 10 parts of this event on YouTube. I’m re-reading Rule #1 as well as reading Buffettology (similar hands on approach as Rule #1) at the same time.
It was fun to hear some of the words and ideas in both these books uttered by the master, himself.
Jeff
@ Jeff- Shhhhh! Don’t tell everyone it’s a 10 part series, now I’ll need to find 9 other videos for my next 9 Videos-On-Sundays 😛
ROFL, I watched all 10 last week too 😉
Wow! Warren Buffet, without a suit and a tie. Ha! the “know-nothings” and the “know-everything’s”. In the end, I definitely agree with the statement stop when you have enough.