Warren Buffett, often referred to as the Oracle of Omaha, is one of the most well known figures in the business world, along with being the CEO of one of the largest American multinational conglomerates in the world- -Berkshire Hathaway. We’ve covered Buffett on the blog before, and it’s fairly difficult to discuss business in Nebraska without the magnate making an appearance.
Yesterday, Buffett made the news again with the decision to purchase battery company Duracell from Proctor and Gamble. Berkshire will put away their crisp green bills, and instead pay for the company with $4.7 billion of the shares it owns in P&G.
According to Buffett, he’s “always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” he said in a statement. Some critics have questioned the move and wondered why exactly Buffett chose to acquire something P&G wants to get rid of. Duracell will add to Berkshire’s list of more than eighty businesses, including Benjamin Moore Paint, Dairy Queen, Heinz Ketchup, and Coca-Cola.
So in the vein in of Buffett’s successful career in investing, we wanted to share some of his best and most applicable advice. He primarily discusses investing, but some of his main tenets are applicable to job seekers and anyone who wants to work for a business one day, especially in the manufacturing field.
1. “Buying stock is about more than just the price. It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price” -Letter to Shareholders 1989. This holds true for investing, and even as those searching for careers or positions in manufacturing can see it regards to their potential jobs. Luckily, most jobs in manufacturing pay well– but if your choice is between a job you love that pays less and a job you hate that pays more, choose the one that pays less. Just because it’s a good price doesn’t mean that it’s a worthwhile investment for your life.
2. “You don’t have to move at every opportunity. The stock market is a no-called-strike game. You don’t have to swing at everything– you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’” Find the best opportunities for you, whether that’s in school careers, or after-school jobs. Just because your family and friends think you should do something doesn’t mean that if it doesn’t feel right, you should do it.
3. “Time will tell. Time is the friend of the wonderful business, the enemy of the mediocre.” Take your time. You don’t need to choose a career today or tomorrow, but if you work hard and learn as much as you can, opportunities will present themselves.
Questions? Got great advice from Buffett that we missed? Leave it in the comments section below!
photo credit: Reuters/Rick Wilking via BusinessInsider.com