Every person should read this wisdom’s of Warren Buffet , It may be related to his business of buying & selling companies ,but the morals can be taken & used in our personal & professional life’s also, there are total 125 Wisdom’s ,I am writing 1 every other day.
The great personal fortunes in this country werent built on a portfolio of fifty companies.they were built by someone who identified one wonderful business.If you do a survey of the superrich families in America,you will find that almost without exception their fortunes were built on one exceptional business,The Hearst family made their money in Publishing,The Walton family in Retailing,the Wrigley family in chewing gum, The ,Mars family in Candy, The Gates family in Software’s,and The Coors and Butch family in Brewing. The list goes on and on, and almost without exception,anytime they strayed from that wonderful business that made them so amazingly rich,they ended up being rich, they ended up losing money- as when CocaCola got into the movie business.
The key to Warren sucess is that he has been able to identify exactly what the economic characteristics of a wonderful business are- a business that has a durable competitive advantage that owns a piece of the customers mind.when you think of Gum you think of Wrigley,when think of a Discount Store you think of Walmart. And when you think of Cold beers you think of Coors or Budweiser.this elevated position creates their economic power.warren has learned that sometimes the shortsighted nature of the stock market grossly undervalues these wonderful business,and when it does he steps up to the plate and buys as many shares as he can.warrens company ,Berkshire Hathway,is a collection of some of the finest business in America,all of which are super profitable and were bought when wallstreet was ignoring them.