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Warren Buffett Leaves The Audience SPEECHLESS | One of the Most Inspiring Speeches Ever

Dec 22, 2021
these people had one thing in common you know they knew they had it in themselves they knew they could be something beyond what they were they were willing to put their time their energy to improve what you really could do with more skills it's just remarkable so I'd like to tell you a couple of short stories and maybe we'll take a couple of lessons from them. I'd like to tell you about two women who sold the business to Berkshire Hathaway, each of them, to me, actually, for many, many millions. of dollars they both started with twenty five hundred dollars by coincidence with exactly the same amount it was all they had in the world and one of them was a woman who landed in seattle in 1917 she didn't know a word of english she had a tag around her neck the label said fort dodge iowa the red cross took her to fort dodge where she met her husband who had come to the country a couple of years before and she lived in fort dodge for two years and like pu If she felt like a fool, no she couldn't learn the language she couldn't learn a word so she decided she and her husband decided to move to Omaha so they came to Omaha in 1919 and there she found a little colony of Russian Jews so she started to feel more like home home and then when her oldest daughter went to school, she would come home, this daughter francis, and she would teach her mother the words she learned in school that day, and this woman, small-town rose, spent 20 years saving money bringing prime ro his brothers about his mother and father fifty dollars at one point he sold used clothes to make it he had four children during this period and in 1937 after 20 years he had saved 2,500 he went to chicago and bought what he could have furniture his dream always it had been to open a furniture store and this woman without whom he had n

ever

gone to school one day in his life with 2,500 but with the same spirit that the people in this room had of having a dream and working towards that dream she built a business that he sold to me in 1983 for about $60 million in which he did business worth a billion and a half dollars last year the fourth generation is working in that business this woman rose blumpkin worked for me until she was 103 and then i'm not saying he retired and died the following year which is a lesson to all berkshire managers that early retirement knows nothing you can't say what's going to happen but mrs b hers with hers 2,500 of hers one of hers more of hers A fact about her: she couldn't read or write and she went into a furniture business and brought nothing unique in furniture, but she brought the determination to succeed.
warren buffett leaves the audience speechless one of the most inspiring speeches ever
She knew that she could surpass anyone else. She knew that she cared about her clients. She was working on very low gross margins, but she built this amazing business and I saw another woman do something similar with $2500. I paid her hundreds of millions of dollars for her business, so I decided to g. or to the source and get these people before they know why i don't want them to come to me asking for hundreds of millions of dollars i would like to join you um much sooner so i followed this group and today i would like to tell you about another person from a small business.
warren buffett leaves the audience speechless one of the most inspiring speeches ever

More Interesting Facts About,

warren buffett leaves the audience speechless one of the most inspiring speeches ever...

This person I went to buy her business from and she turned me down, which was very wise, but this was a guy who was born about eight years before me. He was born in 1922. We'll call him jack, he lived in the midwest, he was a pretty good athlete, he didn't like school very much and I'll tell you one thing at the beginning of the story, maybe you can find out who the guy was, the company that built. hires more college graduates each year than any other company in the United States and this guy who was meant for this but didn't know it jack went to college for a year and then dropped out he really wasn't that interested in the school and the year he retired was in 1941 and when the country became the united states because under attack he went to the army air force recruiting station he volunteered and they turned him down because he had hay f

ever

so he went to the navy and again he volunteered and they took him put him on an aircraft carrier he flew small planes during ww2 he got two navy distinguished flying crosses uh and then he went back to the midwest so now we have a young man who would probably be 23 by now or 24 years old and the interesting thing is that he got back to the midwest and actually went from job to job for a short or not-so-short period of time and eventually Before him he became a used car salesman at a Cadillac dealership in St.
warren buffett leaves the audience speechless one of the most inspiring speeches ever
Louis Missouri and moved at age 35. Up in the organization The sales organization said to their boss, could I go to the car rental business with you? we can become partners in a car leasing company my friend jack started at 35 in the car leasing business and he had seven cars he was pretty slow in fact one of the things he did was every time it rang the phone, he would let it ring three or four times so people would think he was too busy answering other phones and of course the only call he would get all day so his first fling was fine but not really I was going to get nowhere and there is a lesson in this for all of us in our 40s. he decided that with 17 vehicles 17 cars he would compete in the rental car business so now he's competing with Hertz and Avis and nationals and people like that he has hundreds and hundreds of thousands of cars and he has 17 cars and his cars don't they are different than theirs i mean you are buying them from General Motors or Florida Chrysler and you cant get the airport locations those companies have them all sold but i was determined that basically i would offer the customer to get everything from a different car but he ca and I gave him kinder service than they'd ever seen so he started the company and named it after the battleship he had flown from in the Pacific which was the USS Enterprise and he died about a year ago and average but when his rental car company died starting with those 17 cars it was worth more than hertz and avis and all other rental cars combined the man's name was jack taylor and his son andy taylor he's a good friend of mine he runs the business now a grandson is in the business they'll probably be fourth generation alumni so this man in the usa didn't invent artificial intelligence you know he didn't do anything like mrs b selling furniture i mean what Any of us could have gotten into those businesses, but he lived by the creed of basically delighting his customers and working with people and building relationships with them so they in turn would like the customers he couldn't go to. out there and take care of every rental car uh possibility but he learned to project himself uh and his attitude towards his fellow man and his desire to make a friend out of every customer he managed to take very ordinary cars and turn them into this extraordinary business for practically nothing and illustrates several points one is you don't necessarily get it right the first time exactly right the first time i mean the car leasing business you know you were basically competing on the cost of money to finance cars and it's very hard to delight a customer when you just give him the car and tell him to send you a monthly check for five years and you'll come back at that point so his talent was basically wasted in that business but at the age of 40 with all of that experience behind him he found the golden key he took a very ordinary deal and turned it into an absolutely extraordinary operation just like Mrs.
warren buffett leaves the audience speechless one of the most inspiring speeches ever
B. the federal reserve was going to adjust or loosen he didn't care if the stock market was up or down yesterday he didn't care about the things he couldn't change but he did care he focused on the one thing he couldn't change and that was the customer experience and I've seen the one that I did not see the one who ran away from the company. I went to florida and tried to talk him into selling the berkshire and he was smart enough not to probably the company's value has quadrupled since I made that visit huh but he was smart enough to figure out that i would find henry ford's business as you may know failed twice before he started ford motor company in 1903 i mean the test is not if he has the best business idea in the world the first time he comes out the test is if keep learning as you go what your strengths are and what you can do for your customers what you can especially bring to the party and to do that I need the education I know you've come back received through ten thousand small businesses but it takes a genuine desire day after day to delight the customer i have never seen a business and i have seen many businesses but i have never seen one that delights the customer that is not successful i mean what you want It's that customer the next day when he thinks if I want to rent a car or if I want to buy some furniture what's going through his mind you know it's the place where they had a great experience I don't know what I paid for this guy actually probably if anyone he gave it to me but for speech purposes i will say i have no idea what i or the shirt others are wearing but i do know i will remember how i was treated when i bought it i mean you forget the price for a long time but you never forget if you had a good or bad shopping experience and you will be hard pressed to find a person who has had a wonderful, delighted experience buying anything that i am not going to return and similarly if the I remember it's rudeness, indifference and whatever, it will never come back and as a small business owner and as you grow you not only have to be able to project that interest on people's well-being and delighting them yourself, but you have to do it through other people and you won't be able to do it through people who don't feel like they're being treated fairly that their views aren't properly considered, so you really have to learn to multiply through other people and I advise young people to come to Omaha.
We have many classes. The key is undoubtedly, in terms of your personal life, the

most

important decision. can make you do it is the spouse

most

of you are likely to have and it is very important to surround your people with people who are better than you will move in the direction of the people you associate with so that if you constantly have had very lucky in that sense i mean i just had teachers and friends and a spouse who really was a better person than i was and i had enough common sense to learn from these people that life was better if you behaved better it took a time so i advise you to look for your partner in business as your partner in life whatever it is look for the people who really are role models for you instead of someone you need you think you need to straighten yourself and simple rules like that delight clients working through other people partnering with people who will get you moving on a better path than you might have otherwise get you so far in life which is hard to believe i mean they took rose bumpkin unable to speak a word of english she couldn't read or write and they took her to what is now a billion and a half dollar business and by the way she hasn't been put money since the 2500 that has been the t Full capital was paid out in the Nebraska furniture market and I think if you look at the company I don't know their books the same way but I guess very little equity has been added to the company over the years, the company built on itself.
I want to tell you that I greatly admire this group when I met Dr. Mello's class on September 22, eight years ago, I was excited and I admire the people who are doing what you have done, you know? working hard at your job at At the same time, you took on a lot of extra hard work to improve your skills. 99 graduated. I mean, that's a mind-blowing statistic, and I'm looking at 2,200 people here that I admire. I'm cheering you and I can tell you that the best is yet to come thanks

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