Buffett has more advice – on life, investing and business schools

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Warren Buffett’s interview with Andy Serwer of Yahoo Finance contains some nuggets we should all keep in mind (“Warren Buffett shares advice on becoming successful”):

Q: What about life advice?

Buffett: Well my advice is that the most important thing, aside from things I’ve already talked about [see yesterday’s newsletter] is really who you associate with.  You really want to associate with people that are better than you are. I mean, basically, you’ll go in the direction of the people you associate with, and you want to have the right heros. If you want to emulate somebody you’d better pick very carefully who you want to emulate.

And when obviously you can’t pick your parents, they are going to have an enormous influence you, but you don’t get a choice on that, but you get choices as you go down the line, and who you admire, who you want to copy, and most important for most people, in terms of that decision, is their spouse – it’s also important in terms of what partner in business – but the partner in life is the most important one. You want to pick a spouse that’s better than you are.  And that he or she (laughing)….you hope they don’t figure it out too fast.

Q: The biggest mistakes people make when they are investing?

Buffett: Well, they just don’t realise that all you have to do is just buy a cross-section of America and then never listen

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