In one sentence: Gillian Zoe Segal, author of Getting There, tells how she got Buffett to take part and what the 30 high achievers in her book shared: they all failed, they knew their strengths, and they could communicate. Mostly life lessons, with a few useful for investors.
Key ideas
- Persistence, politely. She asked for ten minutes at a charity lunch, was told to email his office, was blocked, then wrote a clear email and got the interview. It lasted about an hour. [02:00–08:00]
- Buffett talked about life, not stocks. Segal thinks his values and character attract the managers who work for him. Danielle adds that people and values are what drew her to value investing. [12:30–16:00]
- Everybody fails. She found that every person in the book had struggled for years. Success depends on how you react to obstacles. [16:00–18:00]
- Don't dwell on omissions. Buffett has made acts of omission; Segal says look at what you did right. Danielle ties this to Munger's comments about a missed investment, and Phil's guess (relayed by Danielle) is that the price never got low enough. See 210. [17:00–21:00]
- Persevere or pivot? No clean rule. Segal suggests relying on your own "monitor" and honest feedback from the world. [21:00–25:00]
- Know your strengths and weaknesses. Buffett quotes Tom Watson: smart in spots, and stay around those spots. Danielle maps this to the circle of competence. [25:00–26:30]
- Unusual teachers. Buffett's Dale Carnegie course, a lawyer who learned from poker and bridge, and several people who credited door-to-door sales. Selling teaches you to get knocked down and stay fresh. [26:30–30:00]
- Communication matters. Buffett says that without the Carnegie course he wouldn't have built the investor community that gathers in Omaha. Danielle notes value investing seems solitary, but leading people needs communication. [30:00–33:00]
- A due-diligence aside. A friend who allocates money to funds asks how a manager treats employees before investing. [32:30–33:30]
How it maps to RuleOne
- Little links to the screen directly. The relevant tie is the management filter: look for people with integrity and the ability to lead and communicate, which the shareholder letters and call transcripts reveal.
- The review habit from 210: log passes and don't punish yourself for each.
Buffett, Munger and Graham links
- Buffett has said many times that a public-speaking course (Dale Carnegie) changed his career; the account here is from Segal's book Getting There.
- The Tom Watson line on being "smart in spots" is cited by Buffett in this book. Circle of competence is Buffett's 1996 letter.
Words to know
- Circle of competence: the area where your knowledge is real. See 001.
Try this
Write two lists: three things you are really good at and three you should leave out. Then open a stock on /stocks/ that sits in the first list and note why.
Check yourself
- What did Buffett say about strengths and weaknesses, per the book?
Answer
Know them, and knowing what to leave out is as important as knowing what to focus on. - Why does Buffett credit communication skills?
Answer
Persuading and leading people was key to the community and organisation he built. - What did many of the book's subjects share?
Answer
Years of struggle and failure before success.
Short quotes
"Knowing what to leave out is as important as knowing what to focus on." (Segal, relaying Buffett, ~25:20, auto-transcribed)