Bill Gates proves that no matter how rich or successful you are, there’s always room for more learning and improvement. In a light, insightful post written on his LinkedIn profile, Gates offers the three things he believes to have learned from Warren Buffet over the years. He speaks endearingly about Buffet — with whom he’s on a first-name basis, a privilege we’ve arguably not yet been afforded — with a relaxed and playful tone that allows his humility to shine through. Gates breaks the three lessons down for us:
1. The first thing Gates outlines has to do, unsurprisingly, with investing. But interestingly enough, Microsoft Corp’s (NASDAQ:MSFT) former CEO contends that what he learned first and foremost from Buffet is that, it’s not just about investing. Gates instead highlights Buffet’s “whole framework for business thinking” — a much more powerful way of considering investments. He explains that Buffet uses the analogy of a moat to help make big decisions, saying, “He talks about looking for a company’s moat—its competitive advantage—and whether the moat is shrinking or growing. He says a shareholder has to act as if he owns the entire business, looking at the future profit stream and deciding what it’s worth. 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 continues on to keep the post light and casual, even admitting that he was reluctant to initially meet Buffet at a dinner his mother put together for the two, although his opinions have since changed.