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Looking back at my first real estate purchase in 1958, I paid $31,500 for a house. People thought I was crazy spending so much, but I saw potential. Understanding value isn't just about current price - it's about seeing what others don't. That's how wealth builds over time.

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.

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.

True success isn't about chasing every opportunity that comes your way. It's about having the wisdom to recognize which doors to open and which to pass by. The quietest choices often lead to the most significant returns.

And that's what happens in the market system, you see. When people start getting too excited about prices going up, and that creates a bubble, and that's very dangerous. It's just the way human nature works in economics.

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.

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.

Well, you've got to understand that the most important asset you'll ever have is your own mind. I mean, if you invest in your skills and your character, that's something nobody can ever take away from you, no matter what happens to the economy. It’s quite simple, really.