Tuesday, January 17, 2006

Warren Buffett's Advice to Journalism Students

Recently, Warren Buffett hosted a visit by a group of students from Medill’s Integrated Marketing Communications and school of journalism graduate programs. He gave a speech with the following key points:

  • Treat investing like journalism. Just as a reporter would want to find out something that most people don't know about, you want to do the same for the companies you are analyzing. However, ninety-ninepercenty of the information out there is redundant.
  • You only have one life. If you have something or a job that you would like to do, do it today.
  • There must be a passion for the business you are in. There's no such thing as retirement because work is play and play is work. If you look at the top managers in his companies, you will find most of them working even up to eighty or ninety plus years old.
  • Your inner scorecard is more important than your outer scorecard. Don't worry about building a resume that you think others want to see.
  • Never get into something if you have the intention of someday wanting to get out of it.

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