I recently posted a video about chunking time and reading stock charts on youtube and then watched the video on youtube to make sure it worked out alright and after my video the next ones loaded in the player did a very good job of catching my attention.
A video with Warren Buffet and Jay Z popped up. I recognized the video cause how often do you see Warren and Jay Z together, so I knew I saw it before but I wanted to watch it again to see if I got some things from it that I didn't get the first time I watched it.
I ended up getting some golden nuggets from it that I didn't before. So here they are.
- The interviewer mentions something about everyone says they have read Graham and Dodd and I have not heard of that before. So I had to find out...here is a link to it in wikipedia. It is definitely on the list of books I want to read now.
- Warren got started early, so he says he had a 15 year jump on everyone...his Dad was in the investing business...huh.
- Warren read a lot of books about investing
- He knew what he wanted to do early
- You don't need a lot of brains in investing, you need emotional stability
- You have to think independantly and now care what other people think (wow, i have heard this from Casey Niestat and Gary V as well)
- Follow the facts and follow the reasoning
- Emotions are you enemy in the stock market
- He has made a lot buy going in when people were panicking, he went in based on facts
- Stay around the spots you are a smart in
- IQ does not make the difference
- From Steve Forbes, the interviewer: Focus and get the ball over the net, and don't get all fancy about it and you will do just fine
- The first rule is don't loose, the second rule is remember the first rule (huh, I heard this from Navin (urbanforex.com) as well
- Warren had a lot of fun reading about the markets but it was entertaining and not profitable while in this mode cause he wasn't grounded yet
- He read another book, the intelligent investor, it opened the whole thing up to him
- If someone says you are wrong about something be ok with going back and looking at the facts
- Ben Graham taught him how to avoid disasters
- He started investing at 11, he started reading about it at 7
- A stock is not a ticker symbol, its part of a business
- Don't pay attention to any stock fluctuations
- Use a margin of safety (be sure about something)
- The best moat you can have around your business is your talent
Next on to Jay Z
I like the dudes business and music
- Within all the numbers and chaos you are looking for the truth
- First album came out when he was 26
- You never forget the true things that made you succesful
- Don't try to be something you are not
- He had a 6th grade teacher that brought out his love of words Miss Lowden, she gave him lots of attention to open him up to the world.
- Get out of your neighborhood to see more of the world.
- What you always go back to is something you want to make a decision on and get into it
- He focused on his love
- The discipline to not get caught up in the moment
- Stick with what you know
- Find your truth in the moment
- Don't be on the thing of the moment, do your thing
- Have the discipline to do you
- People fall in love with shiny things
- The maturation of hip hop is still happenning
- He makes the music that he wants to make and he matures with the music
Q from Steve Fores
How do you treat something you love as a business
As long as you seperate the two and not be thinking business when you make it then later you focus on the business of marketing it.
Get the rest...
And another thing I learned about: Parkinsons Law