Name: Insights: These are Warren Buffett's 'Ground Rules' for Investing
Uploaded: 2020-02-07
Duration: 2 min 8 s
Description: Book writer Jeremy Miller dove into the billionaire's business strategies. (May 2016)

[MUSIC PLAYING] Jeremy, your book is called Warren Buffet's Ground Rules. What would you say is his most important ground rule? Well, my favorite ground rule of his is, don't think you need to make predictions. You don't need to know what the market's going to do tomorrow or even next year. It's not about that. Investing is for the long term. So let's say the market drops by hundreds of points, what would Buffett say? You don't sell? He says, you know, the market doesn't tell me what things are worth. I tell-- I have my own opinions on how to value things. And I only use market prices to my advantage when they suit me. So Warren Buffett is the best stock investor that there is on the planet, and everyone wants to know, how does he pick a stock? Does he have a checklist? Does he have any ground rules about picking a stock? Well, I think his first ground rule is he has to understand the business. Second ground rule is Warren really needs to have it be appropriately priced. And then the third ground rule is it has to be run by people that he trusts. There are so many books written about Warren Buffett and his investing style, but he endorsed your book, and he even met with you. What did he say? He said he liked it, and he thanked me for doing it. You know, we had a nice chat about some of the early investments that he had made. And you know, generally, I think he was thankful that his letters, which are part of his legacy, you know, were treated in a way that he liked. You have spent a lot of time studying everything Warren Buffett. What's the most important thing you've learned from Warren? Well, the most incredible thing about the letters is that he started writing them at 25, and really, nothing has needed revision since then. So he's layered on insight and expanded upon his views and teachings, but nothing has been needed to be redacted or clawed back or revised. So I think that's incredible. That speaks to a big part of his success. He understood what he was doing, he understood early. You know, he applied it consistently over a long period of time. And that's how $40 billion of wealth was created. 

Insights: These are Warren Buffett's 'Ground Rules' for Investing

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Writer Jeremy Miller dove into the billionaire's strategies.

These are Warren Buffett's 'Ground Rules' for Investing

Book writer Jeremy Miller dove into the billionaire's business strategies. (May 2016)

Jeremy. Your book is called Warren Buffett. Ground Rules. What would you say is his most important ground rules? Well, my favorite ground rule of his is don't think you need to make predictions. You don't need to know what the market's gonna do tomorrow or even next year. It's not about that investing for the long term. So if let's say the market drops by hundreds of points, what would buffet say? You don't sell, he says. You know the market doesn't tell me what things are worth. I tell. I have my own opinions on how to value things, and I only use market prices to my advantage when they suit me. So Warren Buffett is the best in stock investor that there is on the planet. Every wants to know. How does he pick a stock? Does he have a checklist? If you have any ground rules about taking the stock, well, I think his first ground rules he has to understand the business. Second ground rule is, but Warren really needs to have it be appropriately priced. And then the third ground rules have to be run by people that he trusts. There are so many books written about Warren Buffett and his investing style. But he endorsed your book and he even met with you. What did he say? He said he liked it and he thanked me for doing it. Um, you know, we had a nice chat about some of the early investments that he had made, and, you know, generally I think he was thankful that his letters, which were part of his legacy, you know, were treated in a way that he liked. You have spent a lot of time studying everything. Warren Buffett. What's the most important thing you've learned from Warren? Well, the most incredible thing about the letters that he started writing them at 25 really nothing is needed. Revision since then. So he's layered on insight and expanded upon his views and teachings. But nothing has been needed to be redacted or clawed back or revised. So I think that's incredible. That speaks to, you know, a big part of accepted success. He he understood what he's doing. He understood early, you know, he applied it consistently over a long period of time, and that's how $40 billion of wealth was created