Wisdom from the Oracle of Omaha

11 09 2017

Warren Buffett, arguably the world’s greatest investor, when considering an investment tends to look at and stay within what he calls his “circle of competencies.”  He learned this concept from Thomas Watson, founder of IBM.  Watson said, essentially, “I don’t know everything but what I know I know.  And I tend to operate within my circle of competency.”

When Buffett first met fellow billionaire Bill Gates in 1991, he declined to invest in computer technology, specifically Intel and Microsoft.  He didn’t know computers, simple as that.  (He later invested heavily in Bill and Melinda Gates and their philanthropic ventures.)

Bill Gates knows computers.  Henry Ford knew cars.  Gene Simmons knows rock and roll branding.  Warren Buffett knows chewing gum, soft drinks, insurance and textiles, among other things.  These successful men stayed and stay within what they know.  And they profit doing so.

What are your circle of competencies?  What things do you know better than the average bear?  Buffett tells potential job seekers to seek a job they would do if money were no option.  Corollary to that he likens the résumé building approach to career development the equivalent of saving sex for old age.  It misses the point.

Here are some things to think about when evaluating your circle of competencies:

  • What do you find yourself thinking about and pursuing when off the clock?
  • What ignites your passion—what subjects and pursuits? Dead giveaway on that one is your body language.  Your eyes fire, your pulse increases, you get excited and it’s obvious to those who know you.
  • What do you read about that is not part of some school or work assignment? Same goes for viewing and listening.

Challenge:  Focus on what lights you up and genuinely interests you—whether the pursuit is popular or not.  Then start doing deep dives in these areas.  You’ll be surprised how far you can go with them.

 

Suggested Reading:

Buffett: The Making of an American Capitalist (Roger Lowenstein)

Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2013 (Carol J. Loomis)

 

Image Credit

Advertisements




The Art of Being a Class Act: “If”

8 09 2017

If you can keep your head when all about you

Are losing theirs and blaming it on you;

If you can trust yourself when all men doubt you,

But make allowance for their doubting too:

If you can wait and not be tired by waiting,

Or, being lied about, don’t deal in lies,

Or being hated don’t give way to hating,

And yet don’t look too good, nor talk too wise;

 

If you can dream – and not make dreams your master;

If you can think – and not make thoughts your aim,

If you can meet with Triumph and Disaster

And treat those two impostors just the same:

If you can bear to hear the truth you’ve spoken

Twisted by knaves to make a trap for fools,

Or watch the things you gave your life to, broken,

And stoop and build ’em up with worn-out tools;

 

If you can make one heap of all your winnings

And risk it on one turn of pitch-and-toss,

And lose, and start again at your beginnings,

And never breathe a word about your loss:

If you can force your heart and nerve and sinew

To serve your turn long after they are gone,

And so hold on when there is nothing in you

Except the Will which says to them: “Hold on!”

 

If you can talk with crowds and keep your virtue,

Or walk with Kings – nor lose the common touch,

If neither foes nor loving friends can hurt you,

If all men count with you, but none too much:

If you can fill the unforgiving minute

With sixty seconds’ worth of distance run,

Yours is the Earth and everything that’s in it,

And – which is more – you’ll be a Man, my son!

(Rudyard Kipling)

 

Suggested Resources:

Just So Stories (Rudyard Kipling)

“The Jungle Book” (Motion Picture)

 

 

Image Credit

 





Words of Wisdom from Gene Simmons’s Mom

4 09 2017

Flora Klein is a lovely, Hungarian woman.  She is on in years.  Born in 1927, she is ninety this year.  Jewish, she survived the death camps of the Third Reich.  To say she is quite a remarkable lady is an exercise in understatement.

As a fourteen-year-old girl, she watched her mother and grandmother go to their deaths.  Her grandmother was given the death sentence and her daughter—Flora’s mother—did not want her mother to face death alone and made the incredible decision to join her in death.  A profoundly moving example of sacrifice and selflessness in the face of evil.

Having survived the horrors of the war, she emigrated to Israel.  There, she married  a carpenter and had a son, Chaim, in 1949.  Her husband eventually left the family and left mother and son to fend for themselves.

In 1958, Flora and Chaim journeyed to America to forge a new life, as have done many Jews over the past century or more.

They settled in New York.  Chaim grew up and took his mother’s name, Klein, and exchanged his Hebrew name for Eugene, or “Gene” for short.  Gene Klein.

Gene—still “Chaim” to his mother—received all his direction, nurture, and inspiration from his mother.  It is no exaggeration to say that Gene worships the ground his mother walks on.  Not his father; his mom.  Mention her and ask him to talk about her and he tears up.

Gene was trained in rabbinic Judaism at a New York yeshiva and eventually worked as a New York City school teacher.  He was a young musician and pursued that, his mother cheering him on.  Eventually he formed a group with his friend Stanley Eisen.  He and Stanley changed their names.  Now they are known as Gene Simmons and Paul Stanley.  You’ve probably figured out that Israeli-born Chaim Witz is Gene Simmons of the rock group KISS.

Gene eventually went on to superstardom in the entertainment industry.  In recent years, he’s gotten into many different business ventures—some as startups rooted in KISS®, the brand.  Others are independent enterprises.

A few years ago, when asked on the Canadian talk show The Hour (minute 11:10) where he got his inspiration to be a success in so many fields, he answered without hesitation, “My mother.”  He began to choke up as he told the audience he wished she could be a part of all their lives.

His advice:  If you want inspiration, look to your mom.  She’s his inspiration to this moment.

He spoke of the time he got his first $10,000,000.00 (yes, that much) check—a one lump sum—as a return on his work with KISS.  He brought the check to his mother, wanting her to be proud of him.  “Mom, look at this.”

She said, in her broken English, “V’wonderful (pronounced VWAHN-dare-fool).  V’wonderful…..Now what are you going to do?”

Superstardom.  A ten-million-dollar check.  “Now what are you going to do?” Are you serious?

“Precisely the point,” says Gene.  One doesn’t rest on yesterday’s accomplishments.  Tomorrow is a new day.  What will you do to better yourself?  How can you improve what you do?

This is timeless—and distinctly Jewish—advice and perspective.  How about you?  Are you going to rest on yesterday’s successes?  Or worse, are you going to give up because of yesterday’s failures and disappointments?  Or will you value the gift of life and make the most of it that is possible?

Not sure?  Ask Chaim.  Better yet, ask his mother.

 

Suggested Resources:

The Golden Age of Jewish Achievement (Steven L. Pease)

The Diary of a Young Girl (Anne Frank)

 

Image Credit





Dr. King on Excellence

28 08 2017

“If a man is called to be a street sweeper, he should sweep streets even as a Michelangelo painted, or Beethoven composed music or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, ‘Here lived a great street sweeper who did his job well.’”

(Dr. Martin Luther King Jr.)

 

Suggested Resources:

The Little Big Things: 163 Ways to Pursue EXCELLENCE (Thomas J. Peters)

Inner Excellence: Achieve Extraordinary Business Success through Mental Toughness (Jim Murphy)

 

Image Credit





Sharp Tools Are the Most Effective

25 08 2017

Fall 1994. I hired on as an apprentice carpenter for a company that built staircases and hung trim.  Thus began, for me, a lifelong enjoyment for working with wood, especially hardwoods like red oak and poplar.  I was privileged to learn how to build curved staircases and these now fill quite a few houses in lower Michigan, where we lived at the time and have since migrated back to.

A carpenter learns very quickly that it is critical to keep his tools in good repair in order to do fine woodwork.  Chiefly, this means sharpening cutting implements regularly.  You may be surprised to find that dull tools—saws, chisels, router bits, etc.—not only do inferior work, marring the wood, but they are also dangerous.  You risk injury using chisels with dull blades.  A sharp saw does the work quickly, effectively, and safely.

In life, we have tools that we use to mold our lives and become effective and reach our potential.  Like planes and gouges, they must be kept sharp to be effective.  Here are a few:

  • Vocational Skills – What talents and acuities do you have that you can sharpen now and in the days ahead? I work in Information Technology and am a musician.  I try to read up on the latest technological innovations as well as become more proficient with the software apps I use in my work.  And with my instruments, I practice and learn new stuff.  Do you have a plan for skills development?
  • Relationships – “You are the average of the five people you spend the most time with.” (Jim Rohn) What kinds of relationships do you cultivate to 1) add value to others and 2) help in your own development?  If you walk with wise and ambitious people, you fuel your passion to grow and develop.  But if you make a practice of hanging with people who are pessimistic and complacent, like it or not, it will affect you.  Enthusiasm is contagious.  So is discouragement and criticism.  Choose wisely.
  • Reading ­– That readers are leaders is axiomatic. And you are called to lead.  What kinds of books do you plan on reading or listening over the next year?  Here’s a good place to start: The Magic of Thinking Big (David J. Schwartz); How To Read A Book (Mortimer Adler & Charles Van Doren); Spiritual Leadership (J. Oswald Sanders); Emotional Intelligence (Daniel Goleman); Talent Is Overrated (Geoff Colvin).  Possibilities are endless, but whatever you do, develop a reading plan for the next year.
  • Physical Fitness – Your effectiveness is charged or limited by your physical fitness—or lack of it. Regular cardiovascular exercise 1) improves your focus, 2) makes you feel better because of endorphins and 3) increases your longevity.  Also, there are numerous other benefits to staying fit, fighting the national epidemic of obesity.  Your career and its growth are one of these. As some have said, “Your shape will shape your future.”

Now go sharpen your tools and build.  You will be astounded at what they produce.

 

Suggested Resources:

The Seven Habits of Highly Effective People: Powerful Lessons in Personal Change (Stephen R. Covey)

Stay Sharp: 52 Ways to Keep Your Mind, Not Lose It (David B. Biebel et al)

 

Image Credit

 





Remembering Who You Are

14 08 2017

This world has always needed leaders.  Men and women aware of both the time and need into which they were born and live.  The grace to lead well is given to some more than others.  Today, in ways like no other time that has preceded it, the world is looking for leaders.  Individuals who will show the way, who will stand up, even while feeling afraid, and give direction, security, competence and solace.

As I have grown older, I find that I am given strength and grace to lead.  What I don’t have is grace or good reason to cower, shrink away, idle away the hours and live for me.  My agenda.  My plans for a content life without taking those who know me into account.  “My World and Welcome to It” is a fine motto for a ‘60’s TV sitcom.  But it ill becomes a leader, who is supposed to embody–to one degree or another–selflessness.  Sacrifice.  It’s not about me.  Nor about you.

I’ve been struck over and over again by the children’s movie “The Lion King”, one scene in particular.  Simba, heir to Mufasa as king of the Pride Lands, has run away from his home and sphere of influence after the death of his father.  Afraid.  He takes up a worry-less, footloose-and-fancy-free existence.  Hakuna Matata.  No worries.

But the call of leadership will not let him rest.  His father appears to him in a dream and says, “Simba, remember who you are!”  Simba is afraid.  His dad is dead.  His uncle Scar, who killed Mufasa and is now ruling the deteriorating Pride Lands, intimidates him.

With the help of Rafiki, the sage mandrill, Simba gets his courage, his call, his appointed place, back.  He is a leader and has royal blood in him.  He cannot escape the role of destiny except at the peril of those counting on him.

So, he returns to the Pride Lands.  There he overthrows the illegitimate ruler, corrupt Uncle Scar.  And assumes his rightful throne upon Pride Rock.

People are counting on you.  You have what it takes to bring order, peace, direction and security to those who are watching and looking to you.  Remember who you are….

 

Suggested Resources:

Lead . . . for God’s Sake!: A Parable for Finding the Heart of Leadership (Todd Gongwer)

Lincoln on Leadership: Executive Strategies for Tough Times (Donald T. Phillips)

 

Image Credit





The Cost of Leadership (A Rabbi/Therapist’s View)

8 08 2017

“Leadership through self-differentiation is not easy; learning techniques and imbibing data are far easier. Nor is striving or achieving success as a leader without pain: there is the pain of isolation, the pain of loneliness, the pain of personal attacks, the pain of losing friends. That’s what leadership is all about.” 

(Edwin H. Friedman)

Suggested Resources:

The Myth of the Shiksa (Edwin H. Friedman)

It’s Lonely at the Top! A Practical Guide to Becoming a Better Leader of Your Small Company (Oswald R. Viva)

 

Image Credit