INSPIRATION DAY NEWS

Bill Gates Reveals The Most Important Business Lessons

He Learned From Warren Buffett

Goodmorning Everybody On Monday

There are still important business lessons to be learned by America's

richest man-- and who better to learn them from than Gates' friend

and fellow billionaire Warren Buffet?

In 2013, Gates traveled to Omaha Nebraska, for Berkshire Hathaway's

annual shareholders meeting "it's always a lot of fun, and not just because

of the ping-pong matches and the newspaper-throwing contest I have with

Warren Buffett."  Gates writes in a Linkedin post.  It's also fun because 

I get to learn from Warren and gain insight into how he thinks."

Gates outlined the three most important lessons he learned from Buffet.

Here are the highlights:

1= Look At The Big Picture

When Gates first met Buffett, his immediate instinct was to focus on the 

surface of his success: picking and investing in stocks.  But Gates quickly

learned that key to Buffett's success ran much deeper -- it's about the big

picture of a business.  "He has a whole framework for business thinking  

that is very powerful," Gates writes.

Instead of focusing on the day-to-day details of the market,Buffett looks

at overall growth.  "He talks about looking for a company's moat-- its

competitive advantage -- and whether the moat is shrinking or growing,"

Gates says.  "He says a shareholder has to act as if he owns the entire 

business, looking at the future profit stream and deciding what it's worth."

2= Be Honest With Shareholder

Buffett famously takes time every year to send a letter to his shareholders,

a practice that inspired Gates to start doing the same.  While Buffett letters

offer business and investing insights.  Gates believes Buffett's candor is 

what makes them stand out.  "He's been willing to speak frankly and criti-

cize things like stock options and financial derivatives," Gates says, "He's

not afraid to take positions, like his stand on raising taxes on the rich, that

run counter to his self-interest."  Gates key takeaway: tranparency is highly

appreciated.

3= Value Your Time

"No matter how much money you have, you can't buy more time," Gates

reminds us, noting that Buffet understands this better than anyone.  Buffett

makes an effort to be available to his close advisers and always finds time

to personally answer phone calls from them.  "He's very generous with his

time for the people he trusts," Gates says.

However, Buffett knows how valuable his time is, and dosen't waste it in

useless meetings, Gates says. Buffett prioritizes his time and spends it in

ways that matter most to him.
Source= Business Insider. = by Emmie Martin. 

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