Warren Buffett, one of the most iconic investors of all times, has one simple mantra to winning big in life and he calls this rule The Buffett Formula.
Warren Buffett, one of the most iconic investors of all times, has one simple mantra to winning big in life and he calls this rule The Buffett Formula. Wondering what could it be that the Oracle of Omaha repeatedly preaches? It is as simple as going to bed smarter than you were before, however small the progress be. The advice sounds simple but works on the power of compounding interest and within a few years, it starts to yield results. “That’s how knowledge builds up. Like compound interest,” Warren Buffett once said.
With the rising internet penetration globally, finding resources on the internet has become a cake’s walk and almost everyone can enhance their skills and knowledge without spending a dime. Numerous websites and platforms provide free content to subscribers including Khan Academy, Coursera, Codecademy, Crash Course etc and some of these classes can be accessed on Youtube as well. For example, Khan Academy and Crash Course, both of them post their content online on the Youtube platform and their courses range across subjects like Psychology, Literature, Economy, Arts, Biology, Chemistry, History etc.
However, for the Oracle of Omaha, books remain one of the best ways to catch up on subjects and build a pool of knowledge and Warren Buffett has been a regular endorser for the written, printed word. Buffett devours books and spends less than two-tenths of his day not reading. The star investor suggests that one should read over 500 pages a day to achieve a feat similar like him.
In fact, Warren Buffett’s business acumen is said to have been sharpened by one book which he memorized by heart. The book, titled “One Thousand Ways to Make $1,000”, was published in 1936 and has vignettes of investors who took risks, to begin with, their own businesses. “Very early, probably when I was seven or so, I took this book out of the Benson Library called ‘One Thousand Ways to Make $1,000,’” Buffett told HBO for a 2017-released documentary called “Becoming Warren Buffett”.
- The story was first published on www.financialexpress.com on September 9.