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The David Rubenstein Show: Warren Buffett on His Early Career in Finance

Bloomberg Originals・28 minutes read

Warren Buffett's early experiences, advice to young investors, and defining leadership as understanding motivation are key points highlighted throughout the text, along with his business career beginnings and educational pursuits. Additionally, the text delves into the narrator's financial decisions, including establishing the Buffett Foundation, significant donations to the Bill and Melinda Gates Foundation, and major business deals with a preference for friendly negotiations based on clear criteria.

Insights

  • Warren Buffett's father pushed him to attend college despite his initial reluctance, shaping his future decisions and opportunities.
  • The narrator, closely associated with Buffett, emphasizes the importance of personal relationships, quick decision-making, and a preference for friendly deals in business transactions.

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Recent questions

  • What book does Warren Buffett recommend for young investors?

    "The Intelligent Investor" by Benjamin Graham

  • How does Warren Buffett define leadership?

    Understanding what motivates people

  • Where did Warren Buffett start his business career?

    Washington with pinball and golf businesses

  • What prompted Warren Buffett to attend Columbia Business School?

    Discovering Graham and Dodd were teaching there

  • How does Warren Buffett approach potential deals?

    Prefers friendly deals and decides within minutes

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Summary

00:00

Warren Buffett: From College to Columbia

  • Warren Buffett initially did not want to go to college, but his father wanted him to.
  • Buffett returned to Omaha with $175,000, thinking it would be enough to live on.
  • At his first annual meeting, 12 people attended, including his aunt and uncle.
  • Buffett advises young investors to read "The Intelligent Investor" by Benjamin Graham.
  • Buffett does not consider himself a journalist but rather an interviewer.
  • Buffett defines leadership as the ability to understand what motivates people.
  • Buffett started his business career in Washington with pinball and golf businesses.
  • Buffett attended Wharton at his father's suggestion but only stayed for two years.
  • Buffett applied to Harvard but was rejected in a 10-minute interview.
  • Buffett went to Columbia Business School after discovering Graham and Dodd were teaching there.

14:17

"Narrator's Close Relationship with Bill Gates"

  • Kate Graham invited the narrator and a few others to her house, where they met Mary Gates to convince Bill to join them.
  • Negotiations between Mary and Bill led to Bill eventually coming down to meet the group.
  • The narrator and Bill talked for 11 hours straight, sparking a close relationship.
  • The narrator bought a hundred shares to keep track of Bill's activities and is now on Bill's board.
  • The Buffett Foundation was established over 50 years ago, but significant donations were delayed until after the narrator's first wife passed away in 2004.
  • The narrator decided to give the bulk of his fortune to Bill and Melinda Gates over the phone.
  • The narrator is on the board of the Bill Melinda Gates Foundation, but they run it.
  • The narrator's biggest deal was Precision Castparts, costing about $37 billion.
  • The narrator met the CEO of Precision Castparts by chance and made an offer without hiring investment bankers.
  • The narrator prefers friendly deals and has a clear criteria for potential deals, usually deciding within minutes if they will proceed.
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