After helping hundreds of companies with investor relations strategy and tactics over the past 20-plus years, I’m always excited to learn something new. In fact, I try to learn something new every single day. And, at the family dinner table, amongst the questions we ask one another every night is, “Did you learn anything new today or did anything surprise you today?” So, when I came across this Business Insider article of a post Bill Gates made on LinkedIn about three things he learned from Warren Buffet I was intrigued. After all, what could a genius in his own right learn from another?
- It’s not just about investing. Gates explains that although most people ask Buffet about how he thinks about investing, not nearly enough ask him about how he thinks about business. Rather than just being a brilliant stock picker, Buffet says it’s important to look at an entire business, inside and out and then deciding what it is worth. He says you have to be, “willing to ignore the market rather than follow it, because you want to take advantage of the market’s mistakes.” Outside of business and the stock market, this sounds like a pretty good life lesson. Don’t make decisions in a vacuum.
- Use your platform. Buffet often uses his annual report shareholder letter to deliver his messages. In these letters he speaks frankly and is not afraid to criticize those things he doesn’t believe in. Gates says that, “Warren inspired me to start writing my own annual letter about the foundation’s work. I still have a ways to go before mine is as good as Warren’s, but it’s been helpful to sit down once a year and explain the results we’re seeing, both good and bad.” Life lesson number two: Remain true to who you are.
- Know how valuable your time is. “No matter how much money you have, you can’t buy more time,” says Gates. Truer words were never spoken. Buffet only takes meetings that provide value to all participants and makes sure he’s also available and accessible to “the people he trusts.” Lesson number three: Make every minute count.
None of these lessons is earth shattering, but it’s very interesting to see that even Bill Gates finds worth in them and that he’s not afraid to say that he learned them from Warren Buffet. No matter how intelligent you are (or think you are), take some time to listen to those around you and open your mind. You might just learn something that helps shape your business future.
— Laurie Berman, firstname.lastname@example.org