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On Thursday evening I attended the Value Investors Conference dinner. As I approached the building (on the University of Nebraska Omaha campus) I noticed writing in large letters. I looked closer and saw that the words were those of Walter Scott of Omaha.
I decided to be a weird-one. While everyone else was filing into dinner I took out my note book and walked around outside jotting down the inspirational aphorisms. I thought you might like to read them – see below.
Before you read the words you may be wondering what relevance does Walter Scott has to deep value investing. Well, Walter Scott grew up with Warren in Omaha in the 1930s and 1940s; they were childhood friends.
After gaining a degree in engineering he worked for Peter Kiewit construction and rose to the rank of CEO in 1979. He proved himself a brilliant businessman. His current net worth is over $4bn.
He put money, jointly with Berkshire to buy MidAmerican Energy, an important subsidiary of BH, and Warren trusts his judgement so much that he was brought onto the board of Berkshire.
The point about his words is they reflect the culture he and Warren absorbed as they were growing up. The attitudes they both possess go a long way to explain their success. They both really try to do the right thing by other people; and the people who they come into contact respond positively to that:
“Failure is a lesson”
“Be a lifelong learner”
“It’s about direction, not perfection.”
“Be a giver, not a taker….Give of your time. Give your share. Make good things happen.”
“Wherever you live, if you’re not doing something to make it a better place, I think you’re missing part of your purpose in life.”
“Business is like life, it’s a journey not a destination.”………………………
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