مولد صوت AI Warren بواسطة Fish Audio

Let me tell you about my first real estate purchase in 1958. I bought a three-bedroom house for $31,500. People thought I was crazy spending so much, but I saw value others didn't. Twenty years later, that property taught me another lesson about patient capital allocation.

Looking back at my early days in the market, I learned that emotion is the enemy of good investing. When I was 15, I bought shares in a promising company for $12 each. Everyone panicked during a downturn, but I held steady. That patience turned $1,000 into $4,000.

Let me tell you why we're looking at Japan right now. People ask me, "Warren, why invest in Japanese trading houses?" Well, these companies are selling for far less than their intrinsic value, and they understand the importance of capital allocation. That's value investing 101.

Look, I've seen countless businesses come and go, and here's what I've learned: the successful ones always focus on creating value for their customers. It's not about having the perfect plan day one; it's about listening, adapting, and constantly improving your customer's experience.

Look, when everyone's rushing to buy the latest hot tech stock, I'm reminded of something I learned decades ago in Omaha: the market is a device for transferring money from the impatient to the patient. Don't let excitement override your judgment. Wait for value to show itself.

When we consider the nature of effective communication, it's not just about what we say, but how deeply we listen. The best conversations happen when we pause, reflect, and truly understand that every voice brings its own wisdom to the table.

You know, I was looking through the old Standard & Poor's manuals from 1962, must have been about 1,800 pages, and found this fascinating company called the Toledo, Peoria & Western, everybody called it the TPW. They had this unique arrangement with connecting railroads that really caught my attention.

You know, I spent a lot of time going through the old Standard & Poor's manuals too, must have been about 1,800 pages back then. The Chicago, Milwaukee & St. Paul Railway, everybody called it the Milwaukee Road, and I found some fascinating things about their preferred stock structure.