Warren Buffet's Philosophy on Action
Hey there. Tim here.
I finished "The Library at Mount Char." It was phenomenal. I've never read anything like it before.
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1. When To Act And When To Sit Back
I’ve been thinking a lot about Warren Buffet.
I designed most of my business philosophy through the principles he preaches. The biggest being the idea of investing in cash flowing companies. What makes Buffet different from most investors is that he rarely invests in companies unless they are already profitable.
Most investors do the opposite, they invest in a company at the very beginning, take lots of risk, and bank on the event that at least one of the investments out performs everything else by an order of magnitude.
For instance, if you invested in Facebook at the very beginning, then all the other investments you made could have gone to zero and you still would have most likely been a billionaire.
But Buffet is not a believer in "hitting it big", but rather a believer in letting compounding do the hard work for you.
It's a mindset I have applied into many areas of my life and I think that's why Buffet will continue to outperform everyone, even when Berkshire is passed on to another CEO.
Adjacently, there is another lesson of Warren Buffet that I am trying to adopt into my lifestyle. That is, the art of not acting. Now, I don’t play around in public markets like Warren Buffet does, but the overarching lesson is very applicable to me right now.
To show you what I mean, watch this short video below.
I've watched this video many times over the years as I need constant reminders.
I have a high energy disposition. One of my flaws is the anxiety I feel from sitting still. I have spent years trying to improve in this regard, mostly by reading, meditation, journaling, and active self awareness. It's been an intentional act to educate myself and learn to be more comfortable in stillness.
It takes practice.
With that said, it's not always so easy to know when it's appropriate to take action and when it's appropriate to be still. There are deals I've done that I wish I hadn't and there are opportunities I passed on that I wish I capitalized on.
As time passes, I've come to realize that it's not so much about the specific outcomes, but rather about the willingness to examine my actions through awareness. Practicing the art of self analyzing is within itself, the reward I get from questioning my decisions. The journey is the reward.
Sure, I'll win some and I'll lose some. That's simply the byproduct of playing the game.
But, the courage and the discipline to question my actions will lead me to a net positive outcome that I most likely wouldn't be able to achieve if I didn't build up the courage to analyze myself and let opportunities pass me by.
I hope you can see the value in taking a step back and asking yourself whether this pitch is worth swinging at.
2. Eight Ways To Earn Money With a Blog Or Newsletter
My friend Armando writes a brilliant personal finance newsletter. This week, he wrote an article that speaks to my heart.
As you have heard me say many times, the best decision you can make in building your online business is to invest in your own blog / website and email list. In this article, Armando gives you a detailed outline on how to actually make that happen.
It's absolutely worth the read.
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4. Hidden Genius
My Twitter buddy, Polina Pompliano, published a book called Hidden Genius. Polina is one of my top 3 favorite writers. I've been reading her newsletter since I met her years ago.
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5. The Best Way To Spot An Idiot
I really loved this. I enjoyed it so much I shared it in my full company slack channel to remind everyone of the value of kindness.
I'm not a pacifist. Quite the opposite really. Sometimes, people simply need a good punch in the nose.
But that's not to say that I see cruelty as a strength.
Governor JB Pritzker articulated the point perfectly.
Click here to watch the full video.
Whelp, it's 6:03 AM and I can hear the sweet girl crying upstairs. She's awake.
That's my queue.
Love you guys.
Talk to you next week.
Tim