Are you coming to Omaha for Berkshire Hathaway's Shareholder Conference?

Hey {NAME}, I get asked a lot “Tai, if you could sit down with two people in the business world for lunch, who would it be?” There are a lot of great people that I can think of, and that makes it pretty hard to choose. I've been now a couple times to the annual Berkshire Hathaway Shareholder Meeting led by Warren Buffett and Charlie Munger. Bill Gates usually is there in attendance. They basically talk about company news and answer questions. If you've never been, there's like 15,000 people that come. It's a stadium. You have to be a shareholder, and they just answer questions. People ask every different kind of question you can imagine. By the way, this year's Berkshire Hathaway Shareholder Meeting is coming up soon! If you want to come, you should come to my friend's mastermind event, EvolveCon, where we'll be meeting up for 2 days leading up to Berkshire Hathaway. If you want to learn more about it now, [click here](. People ask technical questions and big picture questions, so I thought I'd share with you my past notes from Warren Buffett and Charlie Munger said a couple of years ago that I always end up referencing every now and then when I look for ways to improve my businesses. If you don't know who Buffett and Munger are, they made a 300 billion dollar company. Right now the valuation on their company is right around 300 billion dollars. They own Geico, they own 10% of Coca-Cola, they own a dozen, two dozen different companies. They're a big investment firm. One person got up and said, "Buffett, Munger, you guys say that you should stay within your circle of competency. How do I find out what that is?" That's a question almost everybody you meet feels like they're in the wrong career. Warren Buffett said, "Listen, if you don't know what you should do, this is what I would recommend you do. If I was 18 years old and I had to start all over, this is what I would do. I would go around, I would find what I have a lot of curiosity in." He said, "The key first thing is curiosity. Find something that you're curious about." Then, he would interview the top 10 business owners in that industry. He said he would just ask 'em lots of questions. He said, "Out of that curiosity will come the answer, in terms of what you should be doing." Now, that was Warren Buffett's answer. Charlie Munger, who's the co-chairman, his answer was a little different. He said, "It's not as hard as you think to know what you're competent in." He said, "Listen, if you're 5'2", don't play pro basketball." But then he said something even more profound he said, "Look, competence is relative. What you really want to do is be competing against thousands of idiots." He said, "Fortunately, there's a large supply of those." I thought that was a great piece of advice. Try to compete against idiots, so find something where there's a lot of idiots. All right, next thing. Somebody asked why Warren Buffett is keeping so much cash in the company instead of investing it. Warren Buffett said, "Well, never depend on the kindness of strangers." You don't want there to be a time where you don't have enough cash in the bank and you have to go out and ask people to either invest in you or to lend you money. He said his personal policy for his company is always going to try to keep 20 billion dollars in cash, minimum. He's really big on a margin of safety, so you never have to get yourself into horrible situations. That was the next thing. Next thing is Charlie Munger said the reason they've been so successful and why they're self-made billionaires is they have been good at ignorance removal. He said “Every year, we focused on removing one area we've been ignorant in." Very humble approach to money, and very successful Think about in your own life. Are you every day going to bed removing something you were ignorant about? Because my experience with most people in the modern world, the world we live in, is that people are constantly trying to prove to you that they're right about everything. You hear it all the time “Have no regrets.” But here’s the thing, you want to have regrets. Regrets are the method by which your brain reminds you and prods you forward to remove your mistakes. Warren Buffett said "Be realistic in knowing when you're playing to win." He's like, "Only play to win." He said a lot of people are playing in a game they're never going to win. So how do you know when you’re playing to win? Warren Buffett suggests asking some friends. Say, "Be honest with me. Am I going to win at this thing that I think I'm so good at?" Next thing I want to talk about frugality. Warren Buffett has made upwards of 40 billion dollars, but he lives in the same house, I think he said he bought it in 1954. He drove the same car for about 20 years. He says “I buy everything that I think will make me happier. The problem is people don't realize is with money, if you don’t have any, then it plays into your stress. But after a certain point, it doesn't increase your happiness and possibly mitigates and works against your happiness.” Yes, he uses his power and influence to make things happen, but he’s frugal and only spends money on the things that make him happiest. He doesn’t eat expensive food, and doesn’t need a fancy car. He says that those things don’t bring him happiness. Now, that’s not saying that wanting those things are bad, you just need to do it for yourself, not for other people’s approval, and only if you can truly afford it. The wealthiest people in the world are some of the most frugal people I know of, but they’re willing to spend money and time on things that matter and help them improve. If you invest in your future, and self-education, that will take you farther than any school can. Charlie Munger said the main problem, isn’t high school and junior high, he thinks it's college. He said it's also hard to fix kids that have bad parents. I thought that was interesting. Again, the more you learn, the more you earn. Most people want to be wealthy, they want to be healthy, they want to be happy. They're not willing to remove ignorance, and then remove, and add in. You've got to become obsessed with learning. The education system has made learning a negative thing, because people aren’t seeing the results. It’s self education that sets successful people apart. Charlie Munger also says, “You earn what you deserve.” Meaning that you have to be willing to work hard for the things you want. You really have to dedicate yourself to that goal, and attack it. These two men are some of the smartest people around, and I could spend days talking with them. I think people need to be more humble and listen to the most successful person more. You can learn from their successes and failures. Who would you want to have a lunch meeting with? What questions would you ask, and do you think that you could apply their answers to your own life? Stay Strong, Tai P.S. This year's Annual Berkshire Hathaway in 2018 is coming up around the corner and I know you might have thought about attending this year… But my guess is that you might have had some troubles making your decisions. No rooms available? If you've called around Omaha for a hotel room, it's most likely you were told that every hotel is booked. The good news? My friends and I have blocks of rooms reserved for you with a [group discount]( to anyone who is attending EvolveCon before Berkshire Hathaway. Once you invest in your EvolveCon ticket, we'll send you the info. Don’t have a shareholder pass? If you're worried about the price of getting one, I have a [special promo]( offer for you that I’m only giving to those that qualify for it. This promotion won't be available for long. My friend Patrick Tucker and his team of coaches decided to reduce the price of this EvolveCon ticket. That means that today you can purchase your Omaha Weekend package for $397! That means for just $397, you get: -An opportunity to get a Berkshire Hathaway Shareholder Pass -6+ successful, motivated, masters-of-the-craft coaches that plan to deliver a wide range of workshops -3 days to intensely focus on your business with fellow entrepreneurs, masters and special guests -Thursday night welcome party -Workshops will be held all day Friday and will range from health and wellness to building a business online to operating as an entrepreneur -Saturday evening conference with speeches, dinner, drinks and networking -Dinner on Thursday Night -Coffee Friday morning -Lunch Friday -Dinner & Drinks Saturday Evening -Welcome party bag -Go home feeling refreshed -Feeling motivated And most importantly, leave with a brand new toolbox of skills to build upon. Sound interesting? [Click here to check out the package here.]( I'll probably see you there. Stay Strong, Tai [Manage Email Alerts]( | [Unsubscribe From All]( | [Unsubscribe From Tai's Emails Only]( You have received this email to {EMAIL} because you are a registered [Tailopez.com]( subscriber. 8581 Santa Monica Blvd. Suite #703 West Hollywood, CA USA