I recently read the book, “The Tao of Warren Buffett,” by Mary Buffett & David Clark.
This book contained some great lessons for business leaders.
Below is a summary of my top lessons learnt from reading this book:
- Rule No 1: Never lose money. Rule No 2: Never forget Rule No. 1.
- It is impossible to un-sign a contract, so do all your thinking before you sign.
- It takes twenty years to build a reputation and five minutes to lose it. If you think about that you will do things differently.
- In looking for someone to hire you look for three qualities: integrity, intelligence and energy. But the most important is integrity, because if they don’t have that, the other two qualities, intelligence and energy are going to kill you.
- Warren never degrades his managers when they make mistakes rather he encourages them to get on with business.
- People who are passionate about their jobs will come to rule their trade of profession because they love the process more than the money.
- If you hit a hole in one on every hole, you would not play golf for very long. A job with challenges keeps things interesting, promotes creativity and attracts high quality people.
- Never ask a barber if you need a haircut. An adviser will find a problem even if there is not one.
- If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.
- A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learn some very old lessons.