IS WARREN BUFFET RIGHT?

3 considerations for all of us

Like him or loathe him Warren Buffet, the SAGE OF OMAHA, is well known for his quotes.

Reputation

One of his quotes that I can relate to is – ‘it takes a 20 years to build a reputation and five minutes to burn it’. Indeed, it does take a long time to build a reputation or a brand and it may take only one or two slip ups to destroy it, particularly in the age of social media

This observation was floating around in the back of my mind when I was reflecting on news reports over the last few days that a number of service stations – particularly those in country areas – are not passing on all the falls in fuel prices. While I can understand the desire to increase margins and therefore profits these reports do provide an insight into the short term thinking of some retailers and give patrons good reason not to be loyal

Patience

I read in the Financial Review yesterday that Warren Buffet recently commented – ‘when there is nothing to do, do nothing’. I am not a patient person, but there is no doubt as to the merits of patients

Over my years in advertising I hear clients say on so many occasions – ‘let’s update our advertising, our customers are sick of seeing this campaign’. They actually think that the community is as focused on their advertising as they are. The fact is for most people the campaign would not have even registered yet. Further, consistency can be a real advantage and change for the sake of change just costs money

Passion

I recently heard a presentation in which Buffett said – ‘without passion, you have no energy and without energy, you have nothing’. This is a view entirely consistent with sentiments expressed repeatedly by Steve Jobs.

I was reading in yesterday’s Financial Review about a boost in sales for Harvey Norman over the Christmas period. I was struck by the optimistic quote from Gerry Harvey expressing enthusiasm about the prospects for his business in 2015. I am by no means a fan of Gerry Harvey, but I am always struck by the passion that he brings to his business, despite the many years he has been doing it. I cannot help but think his passion has contributed to his success

Perhaps Warren Buffet is a ‘sage’

What do you think?

This issue will be discussed in detail on THE D. JOHN CARLSON NETWORK – http://www.djohncarlsonesq.com/publishing/

 

  1. John Carlson is a behavioural scientist, strategic planner and lateral thinker focusing on branding, marketing, communication, personal advancement, business development and behaviour management.
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