Bill Gates may be the richest person alive, but it seems he has learnt a thing or three from Warren Buffett.
On LinkedIn, Gates said he likes to hang out with his fellow billionaire get an insight about the way Buffett thinks.
These are the three things he has gleaned:
1. It’s not just about investing
Gates said the first thing people learn from Buffett is how to think about investing but they should be speaking to him about other aspects of business too.
“For example, he talks about looking for a company’s moat—its competitive advantage—and whether the moat is shrinking or growing,” Gates said.
Buffet also acts as if he owns a business when he’s a shareholder.
“And you have to be willing to ignore the market rather than follow it, because you want to take advantage of the market’s mistakes—the companies that have been underpriced.”
Gates said when he first met Buffett he was surprised at how analytical he was.
2. Use your platform
When Buffet writes shareholder letters he’s not afraid to be openly critical about the business.
“Warren inspired me to start writing my own annual letter about the foundation’s work. I still have a ways to go before mine is as good as Warren’s, but it’s been helpful to sit down once a year and explain the results we’re seeing, both good and bad.”
3. Know how valuable your time is
“No matter how much money you have, you can’t buy more time,” said Gates, adding that Buffett was acutely aware of that fact and didn’t waste his time with pointless meetings. He was, however, willing to give time to those close to him.
“When Melinda and I started our foundation, I turned to him for advice. We talked a lot about the idea that philanthropy could be just as impactful in its own way as software had been. It turns out that Warren’s brilliant way of looking at the world is just as useful in attacking poverty and disease as it is in building a business. He’s one of a kind.”
What do you think of these tips? Let us know on Facebook or in the comments below.