Warren

I finally caught Warren Buffet on TV today in my apartment in Jakarta. He is much more hyperactive than I imagine him to be. 79 years old, but fast talker, quick thinker, makes people think and go 'hmnnn thats right'. Although after hearing him talk and talk it gets a little boring after a while, cos he just goes on and on about economics.

But among all the mish mash that he is saying, what I take away from him is his buying philosophy, which has always been more or less the same:

-Be patient
-Look for the lowest prices and huge profit margins or high potential/brand equityeg coca cola, Acme brick, which cost a few cents to make
-Buy a product you understand and be prepared to wait at least a few years. eg he could not see ebay and you tube coming, but he could understand coca cola
-In the same industry, always try to compare between the 'same' products eg why coca cola and not pepsi?
-The person at the top has to be a good manager

When stock prices drop, dont panic and open your eyes wider
I note that although he appears to be the guru, he has a partner called Charlie, who is the silent guy and the guy who checks and balances him. I always feel that if you wanna do business or anything, doing it alone is not the way. You need a partner, 2 is good but 3 may be a crowd.


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