Warren Buffett - Investing Principles, Intrinsic value, Opportunity Costs, Compounding, Leadership & Character
Buffett opens with a thought experiment for the students. If you could buy ten percent of one classmate's lifetime earnings, who would you pick? Not the one with the best grades, he argues, but the one whose character you'd bet on. That leads into the three qualities he hires for: intelligence, energy, and integrity, and why the third makes the other two dangerous when it's missing.
The Q&A runs wide. He explains the circle of competence using the two thousand American car companies that didn't survive, and the airplane makers whose combined earnings since Kitty Hawk added up to less than…
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