The Decision That Changed Warren Buffett's Life

This critical changed helped Warren Buffett's life.

May 10, 2014 at 2:00PM

Warren Buffett started investing when he was only 11 years old, but he didn't begin to master his craft until he met Ben Graham, the father of value investing. Much of Buffett's early investing was based on strategies he learned from Ben Graham. However, looking at Buffett's recent track record today, much of his investment process has changed and been influenced by Charlie Munger and Phil Fisher.

In the following video, Motley Fool analysts Matt Koppenheffer and David Hanson discuss the lessons they learned from Warren Buffett while attending the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska. During the meeting, Warren Buffett and his business partner, Charlie Munger, took questions from shareholders for nearly 6 hours and provide their thoughts on everything from investing, corporate governance, and personal success. The discussion regarding the influence of Munger vs. Graham took center stage on several different occasions. Matt and David discuss why Buffett needed to switch to a more encompassing view of the investment world in order to be successful managing a massive conglomerate.

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David Hanson owns shares of Berkshire Hathaway. Matt Koppenheffer owns shares of Berkshire Hathaway. The Motley Fool recommends Berkshire Hathaway. The Motley Fool owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

A Financial Plan on an Index Card

Keeping it simple.

Aug 7, 2015 at 11:26AM

Two years ago, University of Chicago professor Harold Pollack wrote his entire financial plan on an index card.

It blew up. People loved the idea. Financial advice is often intentionally complicated. Obscurity lets advisors charge higher fees. But the most important parts are painfully simple. Here's how Pollack put it:

The card came out of chat I had regarding what I view as the financial industry's basic dilemma: The best investment advice fits on an index card. A commenter asked for the actual index card. Although I was originally speaking in metaphor, I grabbed a pen and one of my daughter's note cards, scribbled this out in maybe three minutes, snapped a picture with my iPhone, and the rest was history.

More advisors and investors caught onto the idea and started writing their own financial plans on a single index card.

I love the exercise, because it makes you think about what's important and forces you to be succinct.

So, here's my index-card financial plan:


Everything else is details. 

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