Video Link: https://youtu.be/vtlLYnaOpc8
The mental construct on fairness (begins at 4:16 ).
"Just imagine that you were going to be born 24 hours from now.
And you’d been granted this extraordinary power. You were given the right to determine the rules — the economic rules — of the society that you were going to enter. And those rules were going to prevail for your lifetime, and your children’s lifetime, and your grandchildren’s lifetime.
Now, you’ve got this ability in this 24-hour period to make this decision as to the structure, but there — as in most of these genie-type questions there’s one hooker.
You don’t know whether you’re going to be born black or white. You don’t know whether you’re going to be born male or female. You don’t know whether you’re going to be born bright or retarded. You don’t know whether you’re going to be born infirm or able-bodied. You don’t know whether you’re going to be born in the United States or Afghanistan.
In other words, you’re going to participate in 24 hours in what I call the ovarian lottery. It’s the most important event in which you’ll ever participate. It’s going to determine way more than what school you go to, how hard you work, all kinds of things. You’re going to get one ball drawn out of a barrel that probably contains 5.7 billion balls now, and that’s you.
Now, what kind of a society are you going to construct with that in prospect?"
[Full Videos of Berkshire Hathaway Annual Meeting 1997]
[ABOUT - Collection: Warren Buffett]
Whenever, I search up on fund managers that practice value investing. All of them done 1 common thing that is, they study whatever they can about Warren Buffett from his annual letters, annual meeting or even interviews. Hence, I decided to do the same and share it together with all of you so that we can learn and grow together :)
Check out all Collection: Warren Buffett, click ↑↑↑
[My 2 Cents]
"They do what they like to do. And part of the reason they’re good at what they do is they like to do it."
"I don’t see Andy or Bill letting up at all, in terms of where Intel and Microsoft are now. I don’t see Roberto Goizueta at Coca-Cola, or Michael Eisner at Disney, or any of those people. They don’t work 40-hour weeks, they work 70 or 80-hour weeks."
Perhaps, 'they like what they are doing' is one of the reasons why they are able to work for 70 or 80-hour weeks.