Enterprising Investor Forum

Warren Buffett MBA Talk – Part 6 Friday, October 12, 2007

Once you’ve found a wonderful business, don’t worry about the short-term. The most important thing is to understand what is going to happen and how the business will develop. Keep in mind that there will always be good and bad times but as long a you have figured out the ‘what’, then the ‘when’ is secondary – one has to focus on the ‘what’. And if you’re right about the business, you will make a lot of money.

Buffett then goes on to talk about his mistakes and that despite having made more than one – notably US Air and the fact that he has an 0800 number to stop him from being an ‘air-aholic – he never looks back. Naturally, one should learn from mistakes but as he says: ‘it’s better to learn from mistakes others make’ and he doesn’t look back. There is so much to look forwards to that it would simply be wrong to live life looking backwards.

Enjoy: