My father passed away a couple of years ago. Not a day goes by without me thinking of him. He was a great dad, friend, mentor, advisor and constant champion.

As I reflect on him today here are a few things he taught me. By the way, while there were some points in life that were learning moments where he had to “teach” me, most of what I learned from my dad was through observation.

He taught me by just being who he was.

(1) Be honest.
(2) Be capable.
(3) Be confident.
(4) Be modest.
(5) Be firm.
(6) Be fair.
(7) Be generous.
(8) Learn to communicate effectively using both the written and spoken word.
(9) Get satisfaction from doing a good job, not from accolades.
(10) Acknowledge, reward and celebrate the success of others. Don’t look for acknowledgement or rewards from others.
(11) Read.
(12) Work hard.
(13) Live in a house you like.
(14)Don’t view your house as an investment, view it as a home.
(15) Spend less than you earn, but do not hesitate to reward yourself. Enjoy life.
(16) If you dirty a dish you should clean it.
(17) Contribute to your community.
(18) Give others credit, take the blame.

Thanks Dad.

Class 1 and 2 Truths

June 15, 2013

I am reading The Snowball by Alice Schroeder. It is an excellent read about Warren Buffett.

Buffett’s mentor Benjamin Graham had a concept called Class 1 and Class 2 Truths.

A Class 1 Truth is an absolute truth, like the intrinsic value of a company. A Class 2 Truth becomes a truth by conviction, or what people believe to be the worth of a company.

If enough people believed a company to be worth X then it was worth X until enough people thought otherwise. All of this did not affect a company’s intrinsic value.

Where a Class 2 Truth view of a company’s value is less than its Class 1 Truth there may be an opportunity for substantial gains to the investor.

In other words, buy companies that are trading at less than they’re really worth.

Harder said than done!

Here is Bill Gates’ list of three things he has learned from Warren Buffett.

(1) it’s not just about investing.
(2) Use your platform.
(3) know how valuable your time is.

Here is his original post: http://www.linkedin.com/today/post/article/20130612065727-251749025-three-things-i-ve-learned-from-warren-buffett?_mSplash=1