Slow and steady, disciplined work towards your craft. Every day, even if you don't want to. The irony is, the more you apply discipline to your craft and improve, the more you find meaning and joy in your work.
I appreciated the comment’s made by my son’s coach after the soccer team won a big cup which hadn’t been won by the school in 42 years - “you boys should be proud, you had discipline (behaved and kept their decorum on and off the pitch), you used teamwork (worked together - no glory hogging), and you worked hard (showed up for practise and gave it 100%); if you apply these skills to everything you undertake as you go forward, you will find success.” I love this link between sport and life (or music, etc.) for young people.
Admittedly, the Mozart’s and Buffets of this world are exceptional - but the above I believe are good rules for a happy and balanced life.
Another thoughtful article, Ravi. Three related anecdotes that might amuse readers:
John Train once asked Warren what questions he would put on a job interview. Oh, just one, Warren replied: Are you a fanatic?
At an annual meeting a shareholder asked, how do you value a company? I have heard this question asked three times. Each time Warren carefully explained that the value is determined by discounting all future earnings to a present value. The first two times Charlie added, “I have nothing to add.” Or, “nothing to add.” The third time, he replied, “In all of the years I’ve know Warren I’ve never seen him calculate a present value.” To which Warren shot back, “Ya, if I had to, it would be worth it.” Warren understands significance extremely well, and it must be obvious to be worthwhile.
Jeremy Grantham told me years ago that he would love to never have to read another 10K, to which I imagined Warren being told he could no longer read 10Ks.
It seems like Todd Combs and Ted Weschler fall into the "fanatic" category which is why they were hired. In a recent interview, Combs said that he reads about investments evenings and weekends to relax after working full time at GEICO.
I once said to Warren that he was right: you don’t have to be a mathematical genius to be successful. We learn easily that 2+2=4. The problem is putting two and two together in the real world. Many people hope to succeed with luck. Yes, luck will present a few fours in life; but one needs to be prepared to recognize a four. Luck won’t do that for you.
Slow and steady, disciplined work towards your craft. Every day, even if you don't want to. The irony is, the more you apply discipline to your craft and improve, the more you find meaning and joy in your work.
I appreciated the comment’s made by my son’s coach after the soccer team won a big cup which hadn’t been won by the school in 42 years - “you boys should be proud, you had discipline (behaved and kept their decorum on and off the pitch), you used teamwork (worked together - no glory hogging), and you worked hard (showed up for practise and gave it 100%); if you apply these skills to everything you undertake as you go forward, you will find success.” I love this link between sport and life (or music, etc.) for young people.
Admittedly, the Mozart’s and Buffets of this world are exceptional - but the above I believe are good rules for a happy and balanced life.
You'd be surprised how quickly you can get back to where you were if you pick up that saxophone again.
Another thoughtful article, Ravi. Three related anecdotes that might amuse readers:
John Train once asked Warren what questions he would put on a job interview. Oh, just one, Warren replied: Are you a fanatic?
At an annual meeting a shareholder asked, how do you value a company? I have heard this question asked three times. Each time Warren carefully explained that the value is determined by discounting all future earnings to a present value. The first two times Charlie added, “I have nothing to add.” Or, “nothing to add.” The third time, he replied, “In all of the years I’ve know Warren I’ve never seen him calculate a present value.” To which Warren shot back, “Ya, if I had to, it would be worth it.” Warren understands significance extremely well, and it must be obvious to be worthwhile.
Jeremy Grantham told me years ago that he would love to never have to read another 10K, to which I imagined Warren being told he could no longer read 10Ks.
It seems like Todd Combs and Ted Weschler fall into the "fanatic" category which is why they were hired. In a recent interview, Combs said that he reads about investments evenings and weekends to relax after working full time at GEICO.
10,000 hours to mastery
Luck is another very important ingredient in the recipe for success.
I agree. But preparation is usually required to recognized and take advantage of luck when it comes.
I once said to Warren that he was right: you don’t have to be a mathematical genius to be successful. We learn easily that 2+2=4. The problem is putting two and two together in the real world. Many people hope to succeed with luck. Yes, luck will present a few fours in life; but one needs to be prepared to recognize a four. Luck won’t do that for you.