Friday, June 14, 2013

Bill Gates: 3 Things I've Learned from Warren Buffett

3 Things I've Learned from Warren Buffett

Not many people get to ask Warren Buffett for advice on a regular basis. I feel very lucky in that regard: The dialogue has been invaluable to me, and not only at Microsoft ... Here are three things I've learned from Warren over the years:

I’m looking forward to sharing posts from time to time about things I’ve learned in my career at Microsoft and the Gates Foundation. (I also post frequently on my blog.)

Last month, I went to Omaha for the annual Berkshire Hathaway shareholders meeting. It’s always a lot of fun, and not just because of the ping-pong matches and the newspaper-throwing contest I have with Warren Buffett. It’s also fun because I get to learn from Warren and gain insight into how he thinks.

Here are three things I’ve learned from Warren over the years:

1. It’s not just about investing.

The first thing people learn from Warren, of course, is how to think about investing. That’s natural, given his amazing track record. Unfortunately, that’s where a lot of people stop, and they miss out on the fact that he has a whole framework for business thinking that is very powerful. For example, 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.

I have to admit, when I first met Warren, the fact that he had this framework was a real surprise to me. I met him at a dinner my mother had put together. On my way there, I thought, “Why would I want to meet this guy who picks stocks?” I thought he just used various market-related things—like volume, or how the price had changed over time—to make his decisions. But when we started talking that day, he didn’t ask me about any of those things. Instead he started asking big questions about the fundamentals of our business. “Why can’t IBM do what Microsoft does? Why has Microsoft been so profitable?” That’s when I realized he thought about business in a much more profound way than I’d given him credit for.

2. Use your platform.

A lot of business leaders write letters to their shareholders, but Warren is justly famous for his. Partly that’s because his natural good humor shines through. Partly it’s because people think it will help them invest better (and they’re right). But it’s also because he’s been willing to speak frankly and criticize things like stock options and financial derivatives. He’s not afraid to take positions, like his stand on raising taxes on the rich, that run counter to his self-interest. 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. There are only 24 hours in everyone’s day. Warren has a keen sense of this. He doesn’t let his calendar get filled up with useless meetings. On the other hand, he’s very generous with his time for the people he trusts. He gives his close advisers at Berkshire his phone number, and they can just call him up and he’ll answer the phone.

Although Warren makes a point of meeting with dozens of university classes every year, not many people get to ask him for advice on a regular basis. I feel very lucky in that regard: The dialogue has been invaluable to me, and not only at Microsoft. 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.

Photo: Bill Gates

我从沃伦·巴菲特那里学到的三样东西

没有多少人可以从巴菲特那里获得定期的建议。我觉得自己很幸运,在这方面的对话一直对我非常宝贵,而且不仅在微软...这里是我多年来从沃伦那里学来的三样东西:

我期待着不时分享我在微软职业生涯中和盖茨基金会学到的东西(我也经常在我的博客上发表文章)。

上个月,我去参加奥马哈一年一度的伯克希尔·哈撒韦公司股东大会。它总是有很多乐趣,这不只是因为我有与巴菲特一起进行的乒乓球比赛和报纸投掷比赛。因为我有机会学习沃伦和洞察他的思维方式,这也使事情变得有趣。

这些年来我从沃伦那里学到了三样东西:

1、这不只是投资。

人们从沃伦那里学习的第一件事,当然是怎么考虑投资方面的事。因为他的惊人纪录,这是很自然的。不幸的是,有很多人就此驻足不前,从而忽略了一个他有一个非常强大的商业思维整体框架这样一个事实。例如,他谈到找一个公司的护城河,其竞争优势,它是萎缩还是增长的。他说,一名股东要像他拥有整个企业那样行事,寻找未来的利润流,决定什么是值得的。你必须愿意忽视市场,而不是顺从它,因为你想利用市场的错误,那些被低估了的公司。

我不得不承认,当我第一次见到沃伦,他有这个框架的事实对我是一个真正的惊喜。我见到他在一个我母亲宴请的一个饭局上。在我去那里的路上,我想,“为什么我要去见这个选股的家伙呢?”我想他只是利用各种市场相关的事情,如数量,或者价格如何随着时间变化,来作出他的决定。但是,当我们开始说话的那一天,他没有问我任何有关那些的东西。相反,他开始问有关我们业务基本面的重大问题。 “为什么不能IBM做微软在做的东西?微软为何如此有利可图?“这时候我意识到,他对企业的思维方式比我事先想象的要开阔的多。

2、使用你的平台

很多企业领导人写信给股东,但沃伦以他独有的信件出名。那可能部分是因为他天生的幽默感浸透其间,部分是人们认为这将有助于他们更好的投资(他们是对的)。这也许因为他能直言不讳,并批评类似股票期权和金融衍生品之类的东西。他并不害怕采取立场,比如与他的自我利益背道而驰的对富人的加税。沃伦启发我开始写我自己有关基金会工作的年度公开信。我仍然有许多要做才能使我的东西与沃伦相比是一样的好,但是每年一次坐下来就我们所看到的,包括好的和坏的东西作出解释,是非常有益的。

3、知道你的时间有多么宝贵

无论你有多少钱,你不能买更多的时间。每个人的一天只有24小时。沃伦对这一点非常敏锐。他不会让他的日程表被无用的会议所充满。另一方面,对于他信任的人,他的时间是非常慷慨的。他给他在伯克希尔的亲密顾问他的电话号码,他们就可以直接致电给他,而他会接听电话。

虽然沃伦每年确定会给几十个大学讲课,没有多少人会有机会定期获得他的咨询意见。在这方面我觉得自己很幸运:对话一直对我非常宝贵的,而这不仅仅是在微软方面。当我和梅琳达创办我们的基金会时,我向他讨教。我们谈了很多关于慈善事业的想法,认为它可以以自己的方式施加类似于软件曾经做到的那样的影响力。事实证明,沃伦卓越的世界观对于建立一个企业以及与贫穷和疾病作斗争,是一样有用的。他是出类拔萃的。

图片:比尔·盖茨