tag:blogger.com,1999:blog-192591432024-03-08T20:39:02.658+00:00Dah Hui Lau (David)Knowledge grows through sharing!
To be the best, learn from the best!
May all your dreams come true!
Collections of Value Investing articles, interviews and videos, especially on Warren Buffett and Charlie Munger and articles from various disciplines to build "Latticework of Mental Models"Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.comBlogger1024125tag:blogger.com,1999:blog-19259143.post-42018812261204240322013-05-12T13:30:00.001+00:002013-05-12T13:30:50.026+00:00Charlie Munger on CNBC (Full Interview)<object id="cnbcplayer" height="380" width="400" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0" >
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I'll be participating at the Best Ideas 2013 Conference.<br />
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Please visit: <a href="http://www.valueconferences.com/reg/ideas13/">Best Ideas 2013 Conference</a><br />
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Instructor page: <a href="http://www.valueconferences.com/people/instructors/dah-hui-lau-david/">Dah Hui Lau</a><br />
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Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-11024698943689650862012-07-13T08:55:00.000+00:002012-07-13T08:55:06.447+00:00Greg McKeown: The Unimportance of Practically Everything<div dir="ltr" style="text-align: left;" trbidi="on">
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A friend of mine is the Executive Director for an organization with global reach. He is intelligent and driven, but <em style="font-style: oblique;">constantly</em> distracted. At any given time he will have Twitter, Gmail, Facebook and multiple IM conversations going. The majority of them are useful in some way. Yet, in the back of his mind, he knows there are more important deliverables to get to. But the days slip by and he finds himself working all weekend to catch up. Staying up Sunday night until the early hours of Monday morning has become his <em style="font-style: oblique;">modus operandi</em>. He told me, while checking his Blackberry again, that it results in having no social life. It's so bad that he tried having his Executive Assistant pull all of the internet cables on his computer. But there were still too many ways to get online. When he was struggling to complete a particularly big project, his brother took away his Blackberry and left him at a motel with no internet access. Yet, even there, he still found a workaround within 10 minutes using his ancient Nokia phone to check his email. Eventually, after eight weeks of almost solitary confinement, he was able to get the project done.</div>
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Why do otherwise intelligent people find it so easy to be distracted from what <em style="font-style: oblique;">really</em> matters?</div>
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Social media did not create the problem of distraction, but it is clearly an amplifier. Indeed, <a href="http://www.stanford.edu/~nass/Cognitive_Control_Final.pdf" style="color: #b20022; outline: none; text-decoration: none;">a study [PDF]</a> by <a href="http://www.stanford.edu/~nass/" style="color: #b20022; outline: none; text-decoration: none;">Clifford Nass</a> et al. at Stanford showed that heavy media multitaskers are <em style="font-style: oblique;">more</em> susceptible to interference from irrelevant environmental stimuli than light media multitaskers. Heavy multitasking may encourage even heavier multitasking because it leads to a "reduced ability to filter out interference." Could the part of our brain that is processing deeper cogitative thought actually be atrophying in the process?</div>
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None of this would matter if activity and reward were linearly related. But we live in a world where almost everything is worthless and a <em style="font-style: oblique;">very</em> few things are exceptionally valuable. This is a counterintuitive idea. After all, the idea that 50% of results come from 50% effort is appealing. It seems fair. Yet, research across many fields paints a very different picture.</div>
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As far back as the 1790s, <a href="http://en.wikipedia.org/wiki/Vilfredo_Pareto" style="color: #b20022; outline: none; text-decoration: none;">Vilfredo Pareto</a> observed this nonlinear pattern in Italy, where he found that 80% of the land was owned by 20% of the people. Much later, <a href="http://www.juran.com/about_juran_institute_our_founder.html" style="color: #b20022; outline: none; text-decoration: none;">Joseph Moses Juran</a>, one of the fathers of the quality movement, called the insight the "Pareto Principle" and applied it beyond economics. In <em style="font-style: oblique;">The Quality Control Handbook</em>, Juran called it "The Law of the Vital Few." His observation was that you could massively improve the quality of a product by resolving a tiny fraction of the problems. He found a willing audience in Japan, where the country had been producing low-cost, low-quality goods. By adopting the quality processes, the phrase "Made in Japan" gained a totally new meaning. And gradually, the quality revolution led to Japan's rise as a global economic power.</div>
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<a href="http://blogs.hbr.org/cs/2012/05/the_unimportance_of_practicall.html">Full Article</a></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-12729199831655988892012-07-09T08:50:00.000+00:002012-07-09T08:50:30.257+00:00Derek Thompson: The 11 Ways That Consumers Are Hopeless at Math<div dir="ltr" style="text-align: left;" trbidi="on">
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You walk into a Starbucks and see two deals for a cup of coffee. The first deal offers 33% extra coffee. The second takes 33% off the regular price. What's the better deal?</div>
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"They're about equal!" you'd say, if you're like the students who participated in a new study published in the Journal of Marketing. And you'd be wrong. The deals appear to be equivalent, but in fact, a 33% discount is the same as <em>a 50 percent increase in quantity</em>. Math time: Let's say the standard coffee is $1 for 3 quarts ($0.33 per quart). The first deal gets you 4 quarts for $1 ($0.25 per quart) and the second gets you 3 quarts for 66 cents ($.22 per quart).</div>
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The upshot: Getting something extra "for free" feels better than getting the same for less. The applications of this simple fact are huge. Selling cereal? Don't talk up the discount. Talk how much bigger the box is! Selling a car? Skip the MPG conversion. Talk about all the extra miles.</div>
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There are two broad reasons why these kind of tricks work. First: Consumers don't know what the heck anything should cost, so we rely on parts of our brains that aren't strictly quantitative. Second: Although humans spend in numbered dollars, we make decisions based on clues and half-thinking that amount to innumeracy. </div>
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Here are 10 more ways consumers are bad at math, with an assist from historian and author William Poundstone.</div>
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<b><span style="border: 0px; font-family: inherit; font-size: 1.25em; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">(2) We're heavily influenced by the first number.</span> </b>You walk into a high-end store, let's say it's <span class="st" style="border: 0px; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Hermès</span>, and you see a $7,000 bag. "Haha, that's so stupid!" you tell your friend. "Seven grand for a bag!" Then you spot an awesome watch for $367. Compared to a Timex, that's wildly over-expensive. But compared to the $7,000 price tag you just put to memory, it's a steal. In this way, stores can massage or "anchor" your expectations for spending.</div>
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<a href="http://www.theatlantic.com/business/print/2012/07/the-11-ways-that-consumers-are-hopeless-at-math/259479/">Full Article</a></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-42878479496850895602012-07-04T14:42:00.002+00:002012-07-04T14:42:39.648+00:00Princeton Baccalaureate 2012: Michael Lewis<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe allowfullscreen="" frameborder="0" height="236" src="http://www.youtube.com/embed/CiQ_T5C3hIM" width="420"></iframe></div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-69885761350142203342012-06-25T14:03:00.001+00:002012-06-25T14:03:20.646+00:00Dr. Michael J. Burry at UCLA Economics Commencement 2012<div dir="ltr" style="text-align: left;" trbidi="on">
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Researchers at the University of Michigan discovered the answer recently, and it has a twist I didn’t expect. I thought that the best places simply did a better job at controlling and minimizing risks—that they did a better job of preventing things from going wrong. But, to my surprise, <a href="http://www.nejm.org/doi/full/10.1056/NEJMsa0903048" style="color: black; text-decoration: none;">they didn’t</a>. Their complication rates after surgery were almost the same as others. Instead, what they proved to be really great at was <i>rescuing</i> people when they had a complication, preventing failures from becoming a catastrophe.</div>
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Scientists have given a new name to the deaths that occur in surgery after something goes wrong—whether it is an infection or some bizarre twist of the stomach. They call them a “failure to rescue.” More than anything, this is what distinguished the great from the mediocre. They didn’t fail less. They rescued more.</div>
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<span style="line-height: 15px;"><a href="http://www.newyorker.com/online/blogs/newsdesk/2012/06/atul-gawande-failure-and-rescue.html?printable=true&currentPage=all">Full Article</a></span></div>
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</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-39328623767434310522012-05-28T14:30:00.002+00:002012-05-28T14:34:09.615+00:00Coca Cola: There are reasons to believe in a better world<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe width="480" height="270" src="http://www.youtube.com/embed/QcrynQZGec8" frameborder="0" allowfullscreen></iframe>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-15347471597294723502012-02-16T13:30:00.001+00:002012-02-16T13:30:59.758+00:00What Jeremy Lin Teaches Us About Talent<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;">Linsanity!
For those who don’t follow the NBA, or read the<span class="apple-converted-space"> </span>NY Post, or check Twitter during
Knicks games, Jeremy Lin is a new point guard who has been churning out a
series of incredible performances. Last week, he torched the Lakers for 38
points; last night, he hit a three pointer at the buzzer to beat the Raptors. What
makes Lin’s story even more remarkable is that he has been repeatedly spurned
by basketball professionals. Although Lin dreamt of attending UCLA or Stanford,
neither college offered him a scholarship. He ended up at Harvard.</span></blockquote>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;"></span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;">Although Lin excelled in the
Ivy League and broke numerous basketball records, he wasn’t selected in the
2010 NBA draft.</span></blockquote>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;"></span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;">Eight teams had invited Lin to
predraft workouts. Diepenbrock said that NBA tryouts do not play five on five.
Lin acknowledged that the workouts were “one on one or two on two or three on
three, and that’s not where I excel. I’ve never played basketball like that.”</span></blockquote>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt;"><a href="http://www.wired.com/wiredscience/2012/02/what-jeremy-lin-teaches-us-about-talent/">Full Article</a></span></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-5850497384699832912012-01-03T14:47:00.000+00:002012-01-03T14:47:02.426+00:00Richard Feynman: No Ordinary Genius<iframe width="420" height="315" src="http://www.youtube.com/embed/Fzg1CU8t9nw" frameborder="0" allowfullscreen></iframe>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-24321338192891760492012-01-03T12:18:00.000+00:002012-01-03T12:18:34.010+00:0023 and 1/2 hours: What is the single best thing we can do for our health?<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe width="560" height="315" src="http://www.youtube.com/embed/aUaInS6HIGo" frameborder="0" allowfullscreen></iframe>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-59090931670202198042011-12-30T10:43:00.000+00:002011-12-30T10:44:05.765+00:00Cute Baby Photos Can Help Recover Lost Wallets<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #222222; font-size: 14pt;">Strangers are more likely to return lost
wallets containing photos of cute babies, according to British researchers. The
scientists sprinkled 240 wallets across Edinburgh last year with pictures of
either a smiling baby, a puppy, a "happy family," or a "contended
elderly couple." It turns out nobody cares about your pooch, retired
parents, or smugly superior family life. But that cute wittle baby? Apparently
it triggers a "compassionate instinct towards vulnerable infants that
people have evolved to ensure the survival of future generations."
Finally, an everyday use for evolution!</span><span style="color: #222222; font-size: 14pt;"><o:p></o:p></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #222222; font-size: 14pt;">When faced with the photograph of the baby
people were far more likely to send the wallet back, the study found. In fact,
only one in ten were hearthearted enough not to do so. With no picture to tug
at the emotions, just one in seven were sent back.</span><span style="color: #222222; font-size: 14pt;"><o:p></o:p></span></div>
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<span style="color: #222222; font-size: 14pt;">According to Dr Wiseman the result reflects a compassionate
instinct towards vulnerable infants that people have evolved to ensure the
survival of future generations. "The baby kicked off a caring feeling in
people, which is not surprising from an evolutionary perspective," he
said.<o:p></o:p></span></div>
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<span style="color: #222222; font-size: 14pt;">Scientists argue that it would be difficult to genetically code
for feeling empathy exclusively towards your own child and much easier to code
for feeling empathy towards all children. If you find a baby alone, there is a
good chance it belongs to you, making it an effective evolutionary trait, said
Dr Wiseman.<o:p></o:p></span></div>
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<span style="font-size: 14pt; line-height: 115%;"><o:p><a href="http://consumerist.com/2009/07/cute-baby-photos-can-help-recover-lost-wallets.html">Link</a></o:p></span></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-60696672894980910562011-11-28T14:16:00.001+00:002011-11-28T14:17:01.964+00:00Seth Klarman on Charlie Rose<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe src="http://player.vimeo.com/video/32333102?title=0&byline=0&portrait=0&color=ff9933" width="425" height="234" frameborder="0" webkitAllowFullScreen mozallowfullscreen allowFullScreen></iframe>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-69165560194499931052011-11-24T13:58:00.001+00:002011-11-24T13:59:40.961+00:00INSIDE EDITION Investigates Electronic Pickpocketing<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe width="420" height="315" src="http://www.youtube.com/embed/bUz6oe6AlFs" frameborder="0" allowfullscreen></iframe>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-62348956018229974612011-11-16T10:19:00.001+00:002011-11-16T10:20:25.545+00:00Cheryl Murphy: Learning the Look of Love<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; color: #222222; font-family: Georgia, ApresTT, Prelude, Verdana, san-serif; font-size: 16px; line-height: 24px; text-align: -webkit-auto;">According to Rubin, normally two people in conversation give each other eye contact anywhere from 30-60% of the time but couples who are in love look at each other 75% of the time during conversation and are slower to break their look away from each other when interrupted.</span><br />
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Learning the Look of Love: That Sly “Come Hither” Stare</h2>
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While it might not be witchcraft, the formula for ‘love at first sight’ remains a mystery. However, if you pop the following ingredients into a kettle: large pupils, long glances, and a lovely, attentive smile, you may not have concocted a <em style="background-color: transparent; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">bona fide</em> love potion but your witch’s brew could contain some insight into the laws of attraction.</div>
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Being an optometrist and all around eye aficionado, I have a deep interest in the connection between the eyes and love. After reviewing many decades of literature and research, I have picked out a few studies that I think help us to understand how love affects our eyes and how our eyes can affect the level of attraction and love we feel for someone else. Let’s start off this “Learning The Look of Love” series by first exploring love and eye contact.</div>
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<strong style="background-color: transparent; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Part One: That Sly ‘Come Hither’ Stare</strong></div>
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Let’s pretend it’s Friday night, you’re in a bar and you are people watching. It’s dim in here but what do you see? You may see strangers exchanging glances with each other from across the crowded room. Once their eyes meet if eye contact is established and a look is held, the game of love has begun. A man peers around the room and becomes suddenly intrigued by a woman returning his glance. The glance turns into a gaze. He initially found her beautiful but now the magnetism of her prolonged eye contact has amplified her attractiveness.</div>
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Like the man in the bar, we do perceive people as more attractive when they are engaged in eye contact with us and when they shift their direction of gaze towards us as confirmed in experiments performed by Mason et al in 2005. This directed gaze apparently signals their interest and the fact that they find us interesting makes them even more appealing to us. In other words, if someone who you find attractive locks eyes with you, they automatically go up a notch on your love barometer.</div>
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<a href="http://blogs.scientificamerican.com/guest-blog/2011/10/17/learning-the-look-of-love-that-sly-come-hither-stare/">For Complete Article</a></div>
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</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-75079982205170673862011-11-16T10:06:00.001+00:002011-11-16T10:08:04.835+00:00Ben Milne: This 28-Year-Old's Startup Is Moving $350 Million And Wants To Completely Kill Credit Cards<div dir="ltr" style="text-align: left;" trbidi="on">
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There's a tiny 12-person startup churning out of Des Moines, Iowa.</div>
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Dwolla was founded by 28-year-old Ben Milne; it's an innovative online payment system that sidesteps credit cards completely.</div>
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Milne has no finance background yet his little operation is moving between $30 and $50 million per month; it's on track to move more than $350 million in the next year.</div>
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Unlike PayPal, Dwolla doesn't take a percentage of the transaction. It only asks for $0.25 whether it's moving $1 or $1,000.</div>
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We interviewed Milne about how he is building a credit card killer and Square rival from the middle of the nation where VCs and press are scarce.</div>
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<strong style="font-style: inherit; font-weight: bold; line-height: 1.22em;">BI: We hear you're making credit card companies angry. How are you doing that?</strong></div>
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<strong style="font-style: inherit; font-weight: bold; line-height: 1.22em;">Ben Milne:</strong> Ultimately we're trying to build the next Visa, not the next PayPal. We're building a human network based on how we think the future of payments will work. The current model needs to be blown up. </div>
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Dwolla started out of my old company. I owned a speaker manufacturing company and we sold everything directly through a website. I got really obsessed with interchange fees and how not to pay them. Every time a merchant gets paid with a credit card they have to give up a percentage. In my case, I was losing $55,000 a year to credit card companies. I felt like they were stealing from me -- I was getting paid and somebody was taking money out of my pocket. </div>
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So I thought, <em style="font-style: normal; line-height: 1.22em;">how do I get paid through a website without paying credit card fees?</em> We pitched a bank, and amazingly enough they said, "We'll give it a shot."</div>
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That was three years ago, so we've been working on the project for a really long time. In December of last year we figured out how to legally do what we do.</div>
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<strong style="font-style: inherit; font-weight: bold; line-height: 1.22em;">How many transactions are you doing?</strong> <br style="line-height: 1.22em;" /><br style="line-height: 1.22em;" />The average transaction volume for Dwolla is right around $500 dollars. We move between $30 and $50 million per month.</div>
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<strong style="font-style: inherit; font-weight: bold; line-height: 1.22em;">What's your story?</strong><br style="line-height: 1.22em;" /><br style="line-height: 1.22em;" />I'm 28. I started my first company, Elemental Design, when I was 18. I dropped out of University of Northern Iowa and built that. </div>
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I started college because I thought that's where I was supposed to go. I applied to one college, I got in, went, and realized it wasn't for me. I had customers so I stopped going to class.<br style="line-height: 1.22em;" /><br style="line-height: 1.22em;" />We grew that company from a $1,200 investment to over one million in revenue in four years with three or four people and without outside investment. The company was running itself and I wanted to work on another project. </div>
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<a href="http://ca.finance.yahoo.com/news/This-28YearOlds-Startup-Is-siliconalley-2539075670.html?x=0">For Complete Article</a></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-42629398043981324742011-11-15T15:10:00.001+00:002011-11-15T15:13:08.757+00:00CNBC Transcript: Warren Buffett Explains Why He Bought $10.7B of IBM Stock<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Wait. Wait a second, IBM is a tech
company, and you don't buy tech companies. Why have you been buying IBM?<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Well, I didn't buy
railroad companies for a long time either. I—it's interesting. I have
probably—I've had two interesting incidents in my life connected with IBM, but
I've probably read the annual report of IBM every year for 50 years. And this
year it came in on a Saturday, and I read it. And I got a different slant on
it, which I then proceeded to do some checking out of. But I just—I read it
through a different lens.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">JOE</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: What's the different lens? What's the
different slant?<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Well, just like—just
like I did with—just like I did with the railroads. And incidentally, the
company laid it out extremely well. I don't think there's any company
that's—that I can think of, big company, that's done a better job of laying out
where they're going to go and then having gone there. They have laid out a road
map and I should have paid more attention to it five years ago where they were
going to go in five years ending in 2010. Now they've laid out another road map
for 2015. They've done an incredible job. First, Lou Gerstner, when he came in,
he saved the company from bankruptcy. I read his book a second time, actually,
after I read the annual report. You know, "Who Said Elephants Can't
Dance?" I read it when it first came out and then I went back and reread it.
And then we went around to all of our companies to see how their IT departments
functioned and why they made the decisions they made. And I just came away with
a different view of the position that IBM holds within IT departments and why
they hold it and the stickiness and a whole bunch of things. And also, I read
very carefully what Sam Palmisamo...<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">JOE</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Palmisano.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Palmisano.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: ...Palmisano, yes,
has said about where they're going to be and he's delivered big time on his—on
his—on his first venture along those lines.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: The other thing I
would say about IBM, too, is that a few years back, they had 240 million
options outstanding. Now they probably are down to about 30 million. They treat
their stock with reverence which I find is unusual among big companies. Or they
really—they are thinking about the shareholder.<o:p></o:p></span></div>
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<b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">JOE</span></b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">: But
you're buying this after it's really broken out the new highs this year, new
all-time highs.<o:p></o:p></span></div>
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<b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">BUFFETT</span></b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">: We
bought—we bought railroads on highs, too.<o:p></o:p></span></div>
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<b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">JOE</span></b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">: Yeah?
They sent it—you know, stocks at new lows that, you know, can hit new lows
where they...<o:p></o:p></span></div>
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<b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">BUFFETT</span></b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">: Right.
I bought—I bought control of—I bought control of GEICO at its all-time high.<o:p></o:p></span></div>
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<b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">BUFFETT</span></b><span style="font-family: Verdana, sans-serif; font-size: 9pt;">: No, I
never talked to Sam. I've never talked to Sam. I've got this—I competed with
IBM 50 years ago, believe it or not. I was chairman of a company, had, and I
testified for IBM in 1980 when the government was attacking about on the
antitrust situation. But I've never—I have not talked to Sam or now Ginni.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: You—this is the
second time in the last several months that you've told us about a purchase
you've made of a company you've been the reading annual reports for years.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Right.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Bank of America was
the first.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Right. I read those
for 50 years.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Read those for 50
years and you're looking at companies a little differently. You never really
bought tech stocks before. You had always said you don't understand technology
stocks.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Right.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Does this mean that
this is a new era and you're going to be looking at a lot of tech stocks and I
guess chief among them, would you consider Microsoft?<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: I—well, Microsoft
is a special case because Microsoft is off bounds to us because of my
friendship with Bill and if we spent seven months buying Microsoft stock and
during that period they announced a repurchase or increase of the dividend or
an acquisition, people would say you've been getting inside information from
Bill. So I have told Todd and Ted and I apply it myself that we do not ever buy
a share of Microsoft. I think Microsoft is attractive but that—but we will
never buy Microsoft. It—people would just assume I knew something and I don't,
but they would assume it and they would assume Bill talked to me and he
wouldn't have. But there's no sense putting yourself in that position.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: But...<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: I can say I've
never met Sam but I can't say I've never met Bill.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: But does this
change the rules of the game that you would actually look at technology stocks
now?<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: I look at everything
but most things I decide I can't figure out their future.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Yeah, it's a—it's a
company that helps IT departments do their job better.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">JOE</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Yeah.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: And if you think
about it, I don't want to push the analogy too far because it could be pushed
too far. But, you know, we work with a given auditor, we work with a given law
firm. That doesn't mean we're happy every minute of every day about everything
they do but it is a big deal for a big company to change auditors, change law
firms. The IT departments, I—you know, we've got dozens and dozens of IT
departments at Berkshire. I don't know how they run. I mean, but we went around
and asked them and you find out that there's—they very much get working hand in
glove with suppliers. And that doesn't—that doesn't mean things won't change
but it does mean that there's a lot of continuity to it. And then I think as
you go around the world, IBM, in the most recent quarter, reported double-digit
gains in 40 countries. Now, I would imagine if you're in some country around
the world and you're developing your IT department, you're probably going to
feel more comfortable with IBM than with many companies.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">JOE</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Well...<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: I said I competed
with IBM 50 years ago.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BECKY</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Yeah.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: We actually
started—I was chairman of the board, believe it or not, of a tech company one
time, and computers used to use zillions of tab cards and IBM in 1956 or '7
signed a consent decree and they had to get rid of half the capacity. So two
friends of mine, one was a lawyer and one was an insurance agent, read the
newspaper and they went into the tab card business and I went in with them. And
we did a terrific job and built a nice little company. But every time we went
into a place to sell them our tab cards at a lower price and with better
delivery than IBM, the purchasing agent would say, nobody's ever gotten fired
from buying—by buying from IBM. I mean, we probably heard that about a thousand
times. That's not as strong now, but I imagine as you go around the world that
there are—there's a fair amount of presumption in many places that if you're
with IBM, that you stick with them, and that if you haven't been with anybody,
you're developing things, that you certainly give them a fair shot at the business.
And I think they've done a terrific job of developing that. And if you read
their reports—if you read what they wrote five years ago they were going to do
and the next five years, they've done it, you know, and now they tell you what
they're going to do in the next five years, and as I say, they have this
terrific reverence for the shareholder, which I think is very, very important.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">And
I want to give full credit, incidentally, to Lou Gerstner because when he came
in, I was a friend of Tom Murphy's and Jim Burke's, and they were on the search
committee to find a solution when IBM was almost broke in 1992, and everybody
thought they were going pretty far afield when they went to Lou Gerstner. And
look what...<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: Well, you don't
have to think of—you don't have to think of another one, Joe. And if you read
his book, you know, "Who Said Elephants Can't Dance?" it's a great
management book. Like I said, I read it twice.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">ANDREW</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: What was it when
you're reading the report? I mean, most investors who are trying to invest like
you, they're reading annual—what is it in the report that you said, ah, I
missed it?<o:p></o:p></span></div>
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a lot of interesting facts and you know, I recommend you read the report, you
know. And I didn't look at the pictures and I'm not sure there were any
pictures. I kind of like that, too. But there were—there were lots of things in
that report but the truth is, there were probably lots of things in the report
a year earlier or two years earlier that you say, why didn't I spot it then?
And I think it was Keynes or somebody that said that the problem is not the new
ideas, it's escaping from old ones. And, you know, I've had that many times in
my life and I plead guilty to it.<o:p></o:p></span></div>
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<b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">BUFFETT</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">: I will tell you one
very smart thing that Thomas Watson Sr. said. I knew Thomas Watson Jr. just a
little bit. Tom Watson Sr., this applies to stocks. He said, "I'm no
genius but I'm smart in spots and I stay around those spots." And that's
terrific advice.<o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45287500"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 1:
Buffett on Europe & U.S. Housing 'Depression'</span></b></a><o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45288771"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 2:
Buffett Calls Romney the Strongest GOP Candidate</span></b></a><o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45289659"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 3:
Buffett on MF Global and Excessive Risk</span></b></a><o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45289926"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 4:
Buffett on Occupy Wall Street and the 'Harold' Hint</span></b></a><o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45290263"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 5:
Buffett on Why He Bought $10.7B of IBM Stock</span></b></a><o:p></o:p></span></div>
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Buffett on Infrastructure Investments and Bank of America</span></b></a><o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="font-family: Arial, sans-serif; font-size: 9pt;"><a href="http://www.cnbc.com/id/45291217"><b><span style="color: #2d648a; font-size: 10.0pt; text-decoration: none; text-underline: none;">Transcript Part 7:
Buffett on China, the Economy, and Corporate Jet Tax Breaks</span></b></a><o:p></o:p></span></div>
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</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-44413119737907469192011-11-14T13:29:00.001+00:002011-11-14T13:30:32.318+00:00What Has Warren Buffett Been Buying? 'Harold'<div dir="ltr" style="text-align: left;" trbidi="on">
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What Has Warren Buffett Been Buying? 'Harold'</h1>
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Posted By: Alex Crippen | Executive Producer</div>
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| 14 Nov 2011 | 07:27 AM ET</div>
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Warren Buffett's Berkshire Hathaway releases its end-of-Q3 stock portfolio snapshot later today, but during his live appearance on Squawk Box this morning Buffett revealed its big secret: Berkshire has bought $10.7 billion worth of common stock in <strong>IBM</strong> , or 64 million shares at an average price of $170. </div>
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Buffett's company now owns 5.5 percent of the company but doesn't intend to buy any more. "I wouldn't be talking about it if I did." He started in March with the goal to buy $10 billion worth of stock.</div>
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We've noted that Berkshire's 13-F filings for the first and second quarters said that some holdings were being <strong><strong>kept confidential</strong></strong>, and it appears this is the buying spree Buffett was keeping under wraps. (He doesn't want copycat buyers to drive up the price of a stock he's actively acquiring.)</div>
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Buffett says he has not talked to the company or current CEO Sam Palmisano about his purchases, but he thinks IBM has done an "incredible job" executing its long-term strategy, has an excellent "road map" for the future, and "respects" its shareholders by being honest with them and doing big stock buybacks. "They've done all kinds of things right." </div>
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He gives a lot of credit to former CEO Lou Gerstner, and wishes he'd bought the stock back when Gerstner was running the company. "It was something I should have spotted years earlier." He decided to start buying this year after reading the company's 2010 annual report.</div>
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Buffett typically shies away from technology stocks because he often doesn't "understand" what they do, but told us he'd been "hit between the eyes" by how the company finds and keeps clients. "It's a company that helps IT departments do their job better. It is a big deal for a big company to change auditors, change law firms," or change IT support. "There is a lot of continuity to it."</div>
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At first he gave the Squawkers a one-word puzzle: the name "Harold." After several minutes of incorrect guesses, Buffett revealed that "Harold" refers to IBM. The connection: a common nickname for Harold is Hal, <strong><strong>HAL 9000</strong></strong> was the name of the computer in the 1968 movie <em><strong><em><strong>2001: A Space Odyssey</strong></em></strong>, </em>and it's often been associated in people's minds with IBM.</div>
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Buffett says he would never buy <strong>Microsoft</strong> , another computer-related stock, due to his close friendship with Chairman Bill Gates.</div>
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Buffett says Berkshire did add to its <strong>Wells Fargo</strong> position and he thinks <strong>Bank of America</strong> CEO Brian Moynihan is following a "very logical path" to fix the bank.</div>
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Asked if he supports the Occupy Wall Street movement, Buffett said because its goals and leadership are unclear it probably won't change things. He does, however, continue to believe the "super-rich" need to share in the national sacrifice that will be needed to get the federal government's budget deficits under control.</div>
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<a href="http://www.cnbc.com/id/45285237?__source=RSS*blog*&par=RSS&print=1&displaymode=1098">Link</a></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-54141386837645976642011-11-14T10:24:00.001+00:002011-11-14T10:25:42.581+00:00The fight of Richard Rainwater's life<div dir="ltr" style="text-align: left;" trbidi="on">
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Of all life's cruelties, it seems especially tragic that Richard Rainwater would suffer from this affliction. Rainwater is a self-made billionaire, a Texas incarnation of the Horatio Alger story. But he hasn't built a chain of discount stores or a computer company or even a private equity firm to leave behind. No, Rainwater's business genius has always been his energy and imagination -- his uncanny ability to see where the world is going and find a way to exploit that turn. It was his personal magic that made big deals happen: his ability to pick the right opportunity, the right partners, the right CEO, and then to provide inspiration. The billion-dollar edifice he built was all in his head.</div>
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And now it's crumbling away.</div>
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Today Rainwater requires 24-hour care. He is unable to walk unassisted. He has trouble swallowing. His speech is almost impossible to understand. "Of anybody I ever met, Richard was the most charismatic, the most outgoing, most hands-on, huggy, high-fiving, jumping-up-and-down, vivacious executive," says Michael Eisner, whom Rainwater helped install as CEO of the Walt Disney Co. (DIS) "And then to have him relegated to this condition that incapacitates him? It's the irony of human existence."</div>
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Though Rainwater has usually operated behind the scenes, his impact on the world of business has been immense. He helped create or fix a string of companies, ranging from entertainment (Disney) and health care (Columbia/HCA) to energy (Mesa, Ensco) and real estate (Crescent). Many regard Rainwater as the father of the modern private equity business. "He may be the best deal guy ever," says David Bonderman, co-founder of TPG Capital, the private equity giant. "Richard figured out there was a place for private capital to do aggressive deals, and he did it better than anybody else." Rainwater has been something of a pied piper, too, launching and salvaging careers and helping others build personal fortunes. The list ranges from George W. Bush and Sears Holdings chairman Eddie Lampert to former Dallas Cowboys quarterback Roger Staubach and Florida governor Rick Scott.</div>
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The latest chapter of Rainwater's story, told here for the first time, makes painfully clear the democracy of disease. Battling for his life, Rainwater has bankrolled an extraordinary, and characteristically creative, campaign to seek a cure for his rare affliction. But the odds are long. In all probability, there isn't enough time or enough money, even for a one-of-a-kind billionaire.</div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Arial, helvetica, sans-serif; font-size: 14px; line-height: 19px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 20px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<a href="http://management.fortune.cnn.com/2011/11/07/richard-rainwater-psp-fight/?iid=SF_F_LN">Full Article</a></div>
</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-79588343505734257622011-11-01T15:22:00.001+00:002011-11-01T15:22:39.841+00:00Bill Gates Talks About the Future<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on">
<span class="Apple-style-span" style="background-color: white; color: #989898; font-family: Arial, Helvetica, sans-serif; font-size: 17px; font-style: italic; line-height: 23px;">With the convergence of major advances in computing hardware and software, technology is playing an increasingly important role in many aspects of society. In his speech at the University of Washington, Bill discussed important breakthroughs in computer science and engineering that have implications in education, health, and improving the lives of the world’s poorest 2 billion people.</span><br />
<br />
<br /></div>
<iframe allowfullscreen="" frameborder="0" height="243" src="http://player.vimeo.com/video/31272001?title=0&byline=0&portrait=0" webkitallowfullscreen="" width="320"></iframe></div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-78540438921371167102011-10-28T17:05:00.001+00:002011-10-28T17:05:18.607+00:00Charlie Rose - Walter Isaacs Interview<div dir="ltr" style="text-align: left;" trbidi="on">
An hour with Walter Isaacson, author of "Steve Jobs". <a href="http://www.charlierose.com/view/interview/11962">Video Link</a></div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-78320644939302151452011-10-24T13:57:00.004+00:002011-10-24T13:57:41.379+00:00Charlie Rose - Ray Dalio Interview<div dir="ltr" style="text-align: left;" trbidi="on">
Good interview. Please watch at <a href="http://www.charlierose.com/view/interview/11957">Charlie Rose</a>.</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-19543179080155673712011-10-17T13:09:00.001+00:002011-10-17T13:09:41.935+00:00Jobs: 'Find What You Love'<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<blockquote>
<div style="text-align: justify;">
<span class="Apple-style-span" style="font-family: Georgia, serif; font-size: 14px;">Steve Jobs, who died Wednesday, reflected on his life, career and
mortality in a well-known commencement address at Stanford University in 2005.</span> </div>
</blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Here, read the text of of that address:</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;"></span><br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I am honored to be with you today at your commencement from one of
the finest universities in the world. I never graduated from college. Truth be
told, this is the closest I've ever gotten to a college graduation. Today I
want to tell you three stories from my life. That's it. No big deal. Just three
stories.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span><span style="color: black; font-family: Arial, sans-serif; font-size: 7.5pt;"><div style="text-align: justify;">
</div>
</span> <span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;"><div style="text-align: justify;">
The first story is about connecting the dots.</div>
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I dropped out of Reed College after the first 6 months, but then
stayed around as a drop-in for another 18 months or so before I really quit. So
why did I drop out?</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">It started before I was born. My biological mother was a young,
unwed college graduate student, and she decided to put me up for adoption. She
felt very strongly that I should be adopted by college graduates, so everything
was all set for me to be adopted at birth by a lawyer and his wife. Except that
when I popped out they decided at the last minute that they really wanted a
girl. So my parents, who were on a waiting list, got a call in the middle of
the night asking: "We have an unexpected baby boy; do you want him?"
They said: "Of course." My biological mother later found out that my
mother had never graduated from college and that my father had never graduated
from high school. She refused to sign the final adoption papers. She only
relented a few months later when my parents promised that I would someday go to
college.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">And 17 years later I did go to college. But I naively chose a
college that was almost as expensive as Stanford, and all of my working-class
parents' savings were being spent on my college tuition. After six months, I
couldn't see the value in it. I had no idea what I wanted to do with my life
and no idea how college was going to help me figure it out. And here I was
spending all of the money my parents had saved their entire life. So I decided
to drop out and trust that it would all work out OK. It was pretty scary at the
time, but looking back it was one of the best decisions I ever made. The minute
I dropped out I could stop taking the required classes that didn't interest me,
and begin dropping in on the ones that looked interesting.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">It wasn't all romantic. I didn't have a dorm room, so I slept on
the floor in friends' rooms, I returned coke bottles for the 5¢ deposits to buy
food with, and I would walk the 7 miles across town every Sunday night to get
one good meal a week at the Hare Krishna temple. I loved it. And much of what I
stumbled into by following my curiosity and intuition turned out to be
priceless later on. Let me give you one example:</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Reed College at that time offered perhaps the best calligraphy
instruction in the country. Throughout the campus every poster, every label on
every drawer, was beautifully hand calligraphed. Because I had dropped out and
didn't have to take the normal classes, I decided to take a calligraphy class
to learn how to do this. I learned about serif and san serif typefaces, about
varying the amount of space between different letter combinations, about what
makes great typography great. It was beautiful, historical, artistically subtle
in a way that science can't capture, and I found it fascinating.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;"></span><br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">None of this had even a hope of any practical application in my
life. But ten years later, when we were designing the first Macintosh computer,
it all came back to me. And we designed it all into the Mac. It was the first
computer with beautiful typography. If I had never dropped in on that single
course in college, the Mac would have never had multiple typefaces or
proportionally spaced fonts. And since Windows just copied the Mac, it's likely
that no personal computer would have them. If I had never dropped out, I would
have never dropped in on this calligraphy class, and personal computers might
not have the wonderful typography that they do. Of course it was impossible to
connect the dots looking forward when I was in college. But it was very, very
clear looking backwards ten years later.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span> <span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;"><div style="text-align: justify;">
Again, you can't connect the dots looking forward; you can only
connect them looking backwards. So you have to trust that the dots will somehow
connect in your future. You have to trust in something — your gut, destiny,
life, karma, whatever. This approach has never let me down, and it has made all
the difference in my life.</div>
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">My second story is about love and loss.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I was lucky — I found what I loved to do early in life. Woz and I
started Apple in my parents garage when I was 20. We worked hard, and in 10
years Apple had grown from just the two of us in a garage into a $2 billion
company with over 4000 employees. We had just released our finest creation —
the Macintosh — a year earlier, and I had just turned 30. And then I got fired.
How can you get fired from a company you started? Well, as Apple grew we hired
someone who I thought was very talented to run the company with me, and for the
first year or so things went well. But then our visions of the future began to
diverge and eventually we had a falling out. When we did, our Board of
Directors sided with him. So at 30 I was out. And very publicly out. What had
been the focus of my entire adult life was gone, and it was devastating.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I really didn't know what to do for a few months. I felt that I
had let the previous generation of entrepreneurs down - that I had dropped the
baton as it was being passed to me. I met with David Packard and Bob Noyce and
tried to apologize for screwing up so badly. I was a very public failure, and I
even thought about running away from the valley. But something slowly began to
dawn on me — I still loved what I did. The turn of events at Apple had not
changed that one bit. I had been rejected, but I was still in love. And so I
decided to start over.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I didn't see it then, but it turned out that getting fired from
Apple was the best thing that could have ever happened to me. The heaviness of
being successful was replaced by the lightness of being a beginner again, less
sure about everything. It freed me to enter one of the most creative periods of
my life.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">During the next five years, I started a company named NeXT,
another company named Pixar, and fell in love with an amazing woman who would
become my wife. Pixar went on to create the worlds first computer animated feature
film, Toy Story, and is now the most successful animation studio in the world.
In a remarkable turn of events, Apple bought NeXT, I returned to Apple, and the
technology we developed at NeXT is at the heart of Apple's current renaissance.
And Laurene and I have a wonderful family together.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I'm pretty sure none of this would have happened if I hadn't been
fired from Apple. It was awful tasting medicine, but I guess the patient needed
it. Sometimes life hits you in the head with a brick. Don't lose faith. I'm
convinced that the only thing that kept me going was that I loved what I did.
You've got to find what you love. And that is as true for your work as it is
for your lovers. Your work is going to fill a large part of your life, and the
only way to be truly satisfied is to do what you believe is great work. And the
only way to do great work is to love what you do. If you haven't found it yet,
keep looking. Don't settle. As with all matters of the heart, you'll know when
you find it. And, like any great relationship, it just gets better and better
as the years roll on. So keep looking until you find it. Don't settle.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">My third story is about death.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">When I was 17, I read a quote that went something like: "If
you live each day as if it was your last, someday you'll most certainly be
right." It made an impression on me, and since then, for the past 33
years, I have looked in the mirror every morning and asked myself: "If
today were the last day of my life, would I want to do what I am about to do
today?" And whenever the answer has been "No" for too many days
in a row, I know I need to change something.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Remembering that I'll be dead soon is the most important tool I've
ever encountered to help me make the big choices in life. Because almost
everything — all external expectations, all pride, all fear of embarrassment or
failure - these things just fall away in the face of death, leaving only what
is truly important. Remembering that you are going to die is the best way I know
to avoid the trap of thinking you have something to lose. You are already
naked. There is no reason not to follow your heart.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">About a year ago I was diagnosed with cancer. I had a scan at 7:30
in the morning, and it clearly showed a tumor on my pancreas. I didn't even
know what a pancreas was. The doctors told me this was almost certainly a type
of cancer that is incurable, and that I should expect to live no longer than
three to six months. My doctor advised me to go home and get my affairs in
order, which is doctor's code for prepare to die. It means to try to tell your
kids everything you thought you'd have the next 10 years to tell them in just a
few months. It means to make sure everything is buttoned up so that it will be
as easy as possible for your family. It means to say your goodbyes.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">I lived with that diagnosis all day. Later that evening I had a
biopsy, where they stuck an endoscope down my throat, through my stomach and
into my intestines, put a needle into my pancreas and got a few cells from the
tumor. I was sedated, but my wife, who was there, told me that when they viewed
the cells under a microscope the doctors started crying because it turned out
to be a very rare form of pancreatic cancer that is curable with surgery. I had
the surgery and I'm fine now.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">This was the closest I've been to facing death, and I hope it's
the closest I get for a few more decades. Having lived through it, I can now
say this to you with a bit more certainty than when death was a useful but
purely intellectual concept:</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">No one wants to die. Even people who want to go to heaven don't
want to die to get there. And yet death is the destination we all share. No one
has ever escaped it. And that is as it should be, because Death is very likely
the single best invention of Life. It is Life's change agent. It clears out the
old to make way for the new. Right now the new is you, but someday not too long
from now, you will gradually become the old and be cleared away. Sorry to be so
dramatic, but it is quite true.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Your time is limited, so don't waste it living someone else's
life. Don't be trapped by dogma — which is living with the results of other
people's thinking. Don't let the noise of others' opinions drown out your own
inner voice. And most important, have the courage to follow your heart and
intuition. They somehow already know what you truly want to become. Everything
else is secondary.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">When I was young, there was an amazing publication called The
Whole Earth Catalog, which was one of the bibles of my generation. It was created
by a fellow named Stewart Brand not far from here in Menlo Park, and he brought
it to life with his poetic touch. This was in the late 1960's, before personal
computers and desktop publishing, so it was all made with typewriters,
scissors, and polaroid cameras. It was sort of like <a href="http://online.wsj.com/public/quotes/main.html?type=djn&symbol=GOOG"><span style="color: #093d72;">Google</span></a> in paperback form, 35 years before
Google came along: it was idealistic, and overflowing with neat tools and great
notions.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Stewart and his team put out several issues of The Whole Earth
Catalog, and then when it had run its course, they put out a final issue. It
was the mid-1970s, and I was your age. On the back cover of their final issue
was a photograph of an early morning country road, the kind you might find
yourself hitchhiking on if you were so adventurous. Beneath it were the words:
"Stay Hungry. Stay Foolish." It was their farewell message as they
signed off. Stay Hungry. Stay Foolish. And I have always wished that for
myself. And now, as you graduate to begin anew, I wish that for you.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Stay Hungry. Stay Foolish.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
<blockquote>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;"></span><br />
<div style="text-align: justify;">
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">Thank you all very much.</span></div>
<span style="color: black; font-family: Georgia, serif; font-size: 10.5pt;">
</span></blockquote>
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</div>Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-37459181800343261472011-10-06T12:25:00.002+00:002011-10-06T12:25:25.875+00:00How Exercise Can Strengthen the Brain<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">Can exercise make the brain more fit? That absorbing question inspired a new study at the University of South Carolina during which scientists assembled mice and assigned half to run for an hour a day on little treadmills, while the rest lounged in their cages without exercising.</span><span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">Earlier studies have shown that exercise sparks neurogenesis, or the creation of entirely new brain cells. But the South Carolina scientists were not looking for new cells. They were looking inside existing ones to see if exercise was whipping those cells into shape, similar to the way that exercise strengthens muscle.</span><span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;"></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">For centuries, people have known that exercise remodels muscles, rendering them more durable and fatigue-resistant. In part, that process involves an increase in the number of muscle mitochondria, the tiny organelles that float around a cell’s nucleus and act as biological powerhouses, helping to create the energy that fuels almost all cellular activity. The greater the mitochondrial density in a cell, the greater its vitality.</span><span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;"></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">Past experiments have shown persuasively that exercise spurs the birth of new mitochondria in muscle cells and improves the vigor of the existing organelles. This upsurge in mitochondria, in turn, has been linked not only to improvements in exercise endurance but to increased longevity in animals and reduced risk for obesity, diabetes and heart disease in people. It is a very potent cellular reaction.</span><span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;"></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">Brain cells are also fueled by mitochondria. But until now, no one has known if a similar response to exercise occurs in the brain.</span><span class="Apple-style-span" style="font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;"></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; color: #333333; font-family: Georgia, serif; font-size: 10.5pt;">Like muscles, many parts of the brain get a robust physiological workout during exercise. “The brain has to work hard to keep the muscles moving” and all of the bodily systems in sync, says J. Mark Davis, a professor of exercise science at the Arnold School of Public Health at the University of South Carolina and senior author of the new mouse study, which was published last month in The Journal of Applied Physiology. Scans have shown that metabolic activity in many parts of the brain surges during workouts, but it was unknown whether those active brain cells were actually adapting and changing.</span></blockquote>
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Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0tag:blogger.com,1999:blog-19259143.post-32498185422030887632011-10-06T08:53:00.001+00:002011-10-06T08:53:24.845+00:00Jobs, Who Built Most Valuable Technology Company, Dies at 56<div dir="ltr" style="text-align: left;" trbidi="on">
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Steve Jobs, who built the world’s most valuable technology company by creating devices that changed how people use electronics and revolutionized the computer, music and mobile-phone industries, died. He was 56.</div>
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Jobs, who resigned as Apple Inc. chief executive officer on Aug. 24, 2011, passed away yesterday, the Cupertino, California- based company said. He was diagnosed in 2003 with a neuroendocrine tumor, a rare form of pancreatic cancer, and had a liver transplant in 2009. </div>
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“We are deeply saddened to announce that Steve Jobs passed away,” Apple said. “Steve’s brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve.” </div>
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Jobs embodied the Silicon Valley entrepreneur. He was a long-haired counterculture technophile who dropped out of college and started a computer company in his parents’ garage on April Fools’ Day, 1976. He had no formal technical training and no real business experience. </div>
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What he had instead was an appreciation of technology’s elegance and a notion that computers could be more than a hobbyist’s toy or a corporation’s workhorse. These machines could be indispensable tools. A computer could be, he often said, “a bicycle for our minds.” He was right -- owing largely to a revolution he started. </div>
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Obama Statement </div>
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Jobs’s passing was met with an outpouring of grief from consumers who laid flowers and posted tributes on the walls of Apple stores and technology executives who partnered and competed with Jobs over the years and paid homage in statements. Flags flew at half-mast at Apple’s headquarters and the company published an honorarium on its website. Even U.S. President Barack Obama and First Lady Michelle Obama lamented the loss. </div>
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“Michelle and I are saddened to learn of the passing of Steve Jobs,” Obama said. “Steve was among the greatest of American innovators -- brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.” </div>
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On his watch, Apple came to dominate the digital age, first through the creation of the Macintosh computer and later through the iPod digital music player, the iPhone wireless handset and more recently, the iPad tablet. </div>
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With each product, Jobs confronted new adversaries -- from International Business Machines Corp. in computers to Microsoft Corp. in operating systems, to Sony Corp. in music players and Google Inc. in mobile software. </div>
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Visionary to Virtuoso </div>
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And Jobs would prove himself not just a techie visionary, but the virtuoso executive who built the world’s second-most valuable company after Exxon Mobil Corp. </div>
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The opening act of Jobs’s professional ascent stretched from 1976 to 1984. He scored his first hit with the Apple II computer, a device that resonated with schools and some consumers and small businesses, and made Apple an alluring alternative to IBM, then the world’s largest computer maker. Apple had its initial public offering in 1980 and the graphical Macintosh was born just over three years later. </div>
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During his second act, from 1984 to 1997, Jobs’s star dimmed. In 1985, he was fired after a power struggle with Apple’s board. He started another computer company, NeXT Computer Inc., and bought a digital animation studio from filmmaker George Lucas. The firm later took the name Pixar.</div>
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<a href="http://www.businessweek.com/news/2011-10-06/jobs-who-built-most-valuable-technology-company-dies-at-56.html">Full Article</a></div>
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Anonymoushttp://www.blogger.com/profile/04314020987562246700noreply@blogger.com0