Bill Gates may be the richest man on earth, but even the mega rich still has something to learn. Then from whom do Bill Gates learn these lessons? It’s none other than his friend and fellow billionaire, Warren Buffet.
Here’s the summary of the 3 things that Gates learned about business from Buffet.
Look at the big picture
The first time Gates met Buffett, he immediately turn his focus on to the surface of Buffett’s success – investing in stocks. But then, Gates quickly learned that Buffett’s secret to success ran much deeper, it is about thinking of the big picture of a business. Buffett prefer to focus on the overall growth of the market rather than its day-to-day details. Buffett said that a shareholder has to act as if he owns the company, observing the future profit stream and deciding its value.
Be honest with shareholders
Buffett is known to meticulously take his time to send letters to his shareholders every year, which inspired Gates to do the same. Buffett’s letters mainly contain business offers and investing insights but Gates considers Buffett’s frankness in the letters is what makes them stand out. So, lesson that Gates learned from this: transparency is highly valued.
Value your time
Buffett understand the saying “No matter how much money you have, you can’t buy time” better than anyone in Gates’ perspective. Buffett always makes an effort to be available to his close advisers and always tries to spare the time to answer phone calls from them. Nevertheless, Buffett knows how valuable his time is and doesn’t waste it doing useless things, Gates says. Buffett always spend his time in a way that matters to him the most.