Summary of The Most Eye Opening 70 Minutes Of Your Life — Warren Buffett's Legendary Speech

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In his speech, Warren Buffett covers the basics of Berkshire Hathaway, the company he founded, and its leadership philosophy. He emphasizes the importance of maintaining a strong reputation, and warns of the consequences of losing it. He also shares his thoughts on the importance of failure, philanthropy, and culture in business.

00:00:00 Warren Buffett's main motivation for working is to be able to make a positive difference in the lives of others, whether it be through running Berkshire Hathaway, or through other companies he owns. He also enjoys the applause and appreciation of his shareholders.
00:05:00 Warren Buffett's "most eye-opening 70 minutes" speech covers the basics of Berkshire Hathaway, the company he founded, and its leadership philosophy. He emphasizes the importance of maintaining a strong reputation, and warns of the consequences of losing it.
00:10:00 Warren Buffet delivered a speech to employees of his investment company, Berkshire Hathaway, in 2003 in which he warned of the dangers of not acting when it counts, and described the individuals who had helped him achieve success. He described one example in particular, when head of the Treasury Department Jerry Corrigan was alerted to a potential problem with an employee, and didn't act quickly enough to prevent potential damage. This caused the firm to nearly go bankrupt, and many of the employees who were responsible for the failure lost their jobs.
00:15:00 Warren Buffett, the CEO of Berkshire Hathaway, discusses the importance of having a good understanding of accounting in business. He says that if you want to be successful in business, you need to be comfortable with accounting and be able to understand what is being said on paper.
00:20:00 Warren Buffett discusses the importance of failure in his life, explaining that it has led to some of his greatest successes. He talks about how he applied for and won a scholarship to Harvard Business School despite not having the grades to qualify, and how he transferred to another school after being rejected by the headmaster of Country Day School. Buffett shares that he met Ben Graham, who helped him get into Columbia University.
00:25:00 Warren Buffett discusses the importance of a strong culture in a business, and how it has helped Berkshire Hathaway remain successful for 38 years. He also shares his thoughts on how to ensure that a business's culture lasts long after its founders die.
00:30:00 Warren Buffett describes how he chooses which charities to donate to, and how he wants his foundation to operate. He also talks about how he views the role of philanthropy, and how it is important to give to causes that are important to him.
00:35:00 Bill Moyers interviews Warren Buffett about his philanthropy and how it has evolved over the years. Buffett explains that business is easy, but philanthropy is tough, and that he is currently involved in a project to help unemployed Russian scientists. The question of whether Berkshire should pay dividends is straightforward, according to Buffett, and the decision is made based on whether the company can retain earnings and avoid becoming a financial burden.
00:40:00 Warren Buffett's 70-minute speech is a primer on economics and investing. He discusses how keeping money earned and creating more market value is the key to long-term success for Berkshire Hathaway shareholders. He also discusses how to be a successful Berkshire Hathaway shareholder, and how to test whether management is behaving in the best interests of shareholders.
00:45:00 Warren Buffett is a trustee for Berkshire Hathaway shareholders, and he discusses how he selects CEOs for the company. He states that the first question he asks himself when considering a business to buy is whether the person behind it has a passion for the business. He also notes that financial operators are not usually among the candidates he chooses, because they are not interested in seeing the business succeed.
00:50:00 Warren Buffett discusses why he is interested in acquiring businesses such as Wrigley's chewing gum, Sticker Mule, and Lincoln Logs. He argues that these businesses have durable competitive advantages that make them worth investing in.
00:55:00 Warren Buffett's speech, given in 1969, is about how he and his company, Berkshire Hathaway, have been able to dominate the custom frame business for over 40 years. He explains that the company has a very powerful advertising slogan, covers the asses of the masses, and that when one gets to his or her age, money will not be the only measure of success. He encourages listeners to pursue their passions and to never worry about money.

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In his speech at Berkshire Hathaway's annual meeting, Warren Buffett discusses the importance of a good public school system in creating equality of opportunity. He emphasizes the importance of early intervention and how it can help to create a foundation for a successful future.