Warren Buffett: a BBC Documentary

I am a Money Magnet! We are Money Magnets!

Warren Buffett is the Man

Before seeing this documentary, we totally had a different image of the billionaire Warren Buffett.  Contrary to our perception of billionaires, Warren Buffett is simple, funny, and very approachable.  His lifestyle and view in life is worth emulating.  When asked why he doesn't consider getting a bigger house with all his wealth, he simply said "I'm warm in the Winter.  I'm cool in the Summer and it's convenient for me.  I can't imagine having a better house." He lives a simple life, he eats steaks, and he loves junk food!  Watch this six part documentary from BBC about The Wizard of Omaha.  It is inspiring and very educational.

In summary, Warren Buffett's Investing tips:
1. Invest don't speculate.
2. Stick with what you know.  There's no need to diversify.
3. Be a business owner.  Buy companies.
4. Allocate capital efficiently.  Take profits of one business and invest it in another.
5. Don't get into debt.
6. Think independently.
7. Be ready to break your own rules.
8. Give it away.

In choosing which investments to invest in Charlie Munger shared these simple guidelines:

1.  Invest in instruments that you are capable of understanding.
2.  Choose a business with an intrinsic characteristic that gives it a durable advantage.
3.  Choose a business with a management with integrity and talent.
4.  Buy the business at a price that makes sense.

A  few things we'd like to highlight in this documentary are the practices of living simply, thinking independently, and being able to break your own rules when necessary.  We must be readily be able to adapt to different situations so as to be able to grab the opportunities.

Lastly, one thing highlighted in this documentary was his love for reading.  Warren Buffet spent time reading financial reports and researching prospective companies.  He even read self-help books to improve his networking skills.  Knowledge is not only power but it also brings forth opportunities.  As Alice Schroeder put it Warren Buffett's investing style "is simple but not easy.  He spent years building a mental file on everything that he knows about companies and businesses.  He works at it all the time."

Let's be inspired and continuously work at attracting wealth Money Magnets!  Read. Read. Read. And put all that knowledge to work! Go on! What are you waiting for?!

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