According to Munger, Buffett starts by telling MBA students, "I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it, so that you had 20 punches — representing all the investments that you got to make in a lifetime. And once you'd punch through the card, you couldn't make any more investments at all."
Under those rules, Buffett explains, "you'd really have to think carefully about what you did, and you'd be forced to load up on what you really think about. So you'd do much better." Munger expressed that this concept had always seemed like a no-brainer to him and Buffett. "To me, it's obvious that the winner has to bet very selectively," he told the students. "It's been obvious to me since very early in life. I don't know why it's not obvious to many other people."at the University of Florida, in which he told MBA students that they shouldn't just assume they're going to get 20 great ideas in their lifetime.
They can bet on 20 ideas, but only "three or five or seven" might make them rich, he said. "But what you can't do is get rich by trying one new idea every day."Buffett's 20-slot rule can be applied to all aspects of life, and not just money, because what it really drives at is the importance of focus. And the billionaire has hinted at this advice several times in the past.
MakeIt Warren Buffett loves collecting dividends but doesn’t pay his shareholders any dividends because they think swapping money with other $BRK investors is the same as receiving money from Berkshire 🤗. PonziAssets
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MakeIt Everyone will get rich their own way. Actually most ppl succeed after they make mistakes. These billionaires only offer theories njee
MakeIt is it about diet coke
MakeIt He better teach them not to panic sell airlines stocks at the absolute bottom like amateurs next time
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MakeIt CNBC’s last 10+ tweets mention nothing about broke Trump’s tax bill per the NY Times bombshell, that Ivanka was a paid consultant (illegal double dipping), and Trump re-election campaign manager Brad Parscale being armed and making suicide threats.. he was taken in by the police
MakeIt Says the 3rd Richest man in the world.
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MakeIt Berkshire Hathaway has thousands of separate and distinct investments, including over 70 insurance companies. Nice story, though.
MakeIt Interesting. There are pursuits though which we can achieve that are not specific, yet are conducive to a good outcome. I'm thinking of sports, of financial activity, perhaps even along the line of intellectualism; all of these may not result in wealth but may coalesce to mind.
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MakeIt Stop Buffet BS... Even a broken clock is right 2x a day! Wen u have billions to invest & can take control of board; anyone can make $$$. Show me someone w/ no real $$$ that beats market. Now that’s a winner
MakeIt Why bother, if the democrats win... everything will be free and there will be no law and order... what could possibly go wrong?
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MakeIt Bizness school... Haha
MakeIt “You start out with 20 dizzy young chicks—then you have them sell their slots” — Buffet
MakeIt The wealthy benefit from an economy regulated by government. The government should restructure the economy to more fairly distribute income ane wealth to all persons. Business should be more democratic
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MakeIt Warren.... Just do what I did with airlines...... rinse and repeat lol
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MakeIt Yes if we could all be like Warren Whitey Buffetts, why that would fix EVERYTHING
MakeIt I play the 20 slot rule in Vegas all the time and I get no where
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MakeIt He should lecture on how to invest maximum money in bull markets...
MakeIt Warren Buffett Loves Goldman Sachs
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