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)

 

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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)

 

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Putting In Your Time and Paces

31 07 2014

Putting In Your PacesJim Rohn is one of my favorite self-development teachers.  I’ve been mentored by him over the past few years through his writings and recorded seminars.  I have never met him.  He died in 2009 after a full life.

Some time ago, I heard him dispense this nugget, worthy of wrapping one’s head around:

“Make rest a necessity, not an objective.”

Now that’s a new and powerful way of highlighting the importance of working hard.

Rest is something we earn.  This sounds foreign to American ears.  We are used to the “standard” of a forty-hour work week.  But forty hours of labor over a seven day period—as enough to get ahead–is distinctly Western and recent.  Our grandparents didn’t think like this.

I’ve heard it said that if you’re only working forty hours a week, it’s not likely you’ll get ahead–certainly not as far ahead as your dreams, goals, and ambitions.

Even God worked six days out of seven when He created the cosmos.  He wasn’t done on Friday afternoon at 5:00.

I have family members who are doctors, attorneys, investment bankers, hedge fund managers, Federal officials, and much more.  They’ve all gotten where they’re at the old-fashioned way:  They worked their tails off.  Nobody handed any of them anything.

Here are just a few benefits that will return to you with greater effort and longer hours, as you create a life:

  • You will certainly grow in your chosen fields of vocation and avocation.
  • Your sense of accomplishment will increase as you tackle and master more skills and meet goals.
  • You will run far ahead of the pack simply because many, if not most, are content to put their expected time in, satisfied with “working their forty hours.”
  • Your earning potential will undoubtedly increase, especially if the extra effort is focused and you strive for greater levels of excellence at all to which you put your hands to.

This isn’t a paean of praise to workaholism, far from it.  But in a culture that lives for the weekend, for partying, for good times and leisure, one tends to get an unrealistic picture of what it takes to win at life and realize your full potential.  It’s simply a matter of adjusting your perspective to accord with reality.

So my advice is this:  See work and labor not as a curse, but as a blessing.  Some of the most successful people in recent memory got that way, in sizeable measure, because they love working:  Donald Trump, Gene Simmons, Jack Welch, Bill Gates, and Oprah Winfrey.  Look for lots of increases in many different ways as you likewise work harder toward fulfilling your destiny.

And, when you have striven and exerted and are tired, then rest.

You’ve earned it.

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“You Can’t Outsmart the Work”

25 08 2013

You Cant Outsmart the WorkJim Rohn is one of my favorite self-development teachers.  I’ve been mentored by him over the past few years through his writings and recorded seminars.  I have never met him.  He died in 2009 after a full life.

Some time ago, I heard him dispense this nugget, worthy of wrapping one’s head around:

“Make rest a necessity, not an objective.”

Now that’s a new and powerful way of highlighting the importance of working hard.

Rest is something we earn.  This sounds foreign to American ears.  We are used to the “standard” of a forty-hour work week.  But forty hours of labor over a seven day period—as enough to get ahead–is distinctly Western and recent.  Our grandparents didn’t think like this.

I’ve heard it said that if you’re only working forty hours a week, it’s not likely you’ll get ahead–certainly not as far ahead as your dreams, goals, and ambitions.

Even God worked six days out of seven when He created the cosmos.  He wasn’t done on Friday afternoon at 5:00.

I have family members who are doctors, attorneys, investment bankers, hedge fund managers, Federal officials, and much more.  They’ve all gotten where they’re at the old-fashioned way:  They worked their tails off.  Nobody handed any of them anything.

Here are just a few benefits that will return to you with greater effort and longer hours, as you create a life:

  • You will certainly grow in your chosen fields of vocation and avocation.
  • Your sense of accomplishment will increase as you tackle and master more skills and meet goals.
  • You will run far ahead of the pack simply because many, if not most, are content to put their expected time in, satisfied with “working their forty hours.”
  • Your earning potential will undoubtedly increase, especially if the extra effort is focused and you strive for greater levels of excellence at all to which you put your hands to.

This isn’t a paean of praise to workaholism, far from it.  But in a culture that lives for the weekend, for partying, for good times and leisure, one tends to get an unrealistic picture of what it takes to win at life and realize your full potential.  It’s simply a matter of adjusting your perspective to accord with reality.

So my advice is this:  See work and labor not as a curse, but as a blessing.  Some of the most successful people in recent memory got that way, in sizeable measure, because they love working:  Donald Trump, Gene Simmons, Jack Welch, Bill Gates, and Oprah Winfrey.  Look for lots of increases in many different ways as you likewise work harder toward fulfilling your destiny.

And, when you have striven and exerted and are tired, then rest.

You’ve earned it.

Image Credit





Flora Klein’s Advice to Her Son

21 07 2013

Flora and ChaimFlora Klein is a lovely, Hungarian woman.  She is on in years.  Born in 1927, she will be 86 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 of his direction, nurture, and inspiration from his mother.  It is no exaggeration to say that Gene worships the ground his mother walks on.  Mention her and ask him to talk about her and he tears up.

Gene was trained in rabbinics and eventually worked as a New York City school teacher.  He is also a 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 doubtless 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 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 (not a typo) 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.

Image Credit