Reading Between the Lines

“People like to be challenged. Most people that I know who are any good at life like to be challenged.”?- Charlie Rose

I slept last night hoping to get good sleep, so I can wake up and watch the legendary Charlie Rose interviewing Mr. Warren Buffet (WB)?video?that was released on 14th April 2022. You can term this as a childlike curiosity for what the two legends will discuss, or you could call it?fanboy behavior. Either way, I was pretty excited about the same.

I was amazed at the simplicity of statements made by WB while carrying some heavy payloads. It got me thinking on many fronts, and hence I decided to write today’s newsletter on my learnings from this fantastic hour-long interview. I would urge you to spend 60 mins of your own time to see this interview. It’ll be worth every minute spent. Irrespective of the choice you make, I provide herein five of my takeaways -

#1 - “What you do and whom you choose to do with are very important” - WB

Everybody has similar desires i.e. to be happy, rich, famous, wise, smart, loved, or healthy. That’s a no-brainer. But what one chooses to do to attain that coveted goal speaks volumes about one’s character and gives a hint of where one potentially could land up.

An Investment Advisor desires to manage a USD 1 billion AUM across 100s of HNI clients. But does he put in the time to master his craft, does he go out of the way to build the relationship with his clients deeper, does he keep his word on delivering the reports on time, does he communicate effectively, and does he play his fiduciary role in the best manner possible.?

These are questions I started thinking about as a Private Wealth Advisor in my current role. I can’t be fixated on the outcomes alone i.e. the money, perks, recognition, and rewards. In fact, that fixation is almost a guarantee of misery and envy. I rather got to be clear on the process that goes into making those goals happen in a repetitive manner, irrespective of where I work. It reflects the values I bring to the table, more than the last job I delivered upon.

And it’s impossible to pull off any kind of achievement without the right team or right set of people to surround yourself with. Even if one doesn’t have the capacity or the resources to hire the best talent available, what you make of the pool of resources matters a lot. And that comes down to building those relationships with respect and humility.

If I’m lucky to be surrounded by phenomenal people, then I can make the most of it by learning from them and implementing these lessons effectively to up my game and my performance. And learning from others requires only a few questions to be asked - How? What? Why? When? Where?

People will go out of the way to help, only if they know how much you care to grow and contribute. And if you do care, then it shows in your eyes, in your handshake, and in your words.

#2 - “Charlie is someone I didn't want to disappoint. It's good to have someone you don't wanna disappoint” - WB

It’ll be surprising for you to find out who is that person for me?

I’ve had two people besides my mom who have had a tremendous influence on my life. And both of them are my aunts (mom’s sisters). One of them funded my MBA education when I had no finances to pay for the yearly tuition fees. And the other always believed in me and encouraged me to do something great with my life. About my mom, she did all the crazy things a mother would do to make sure that the family has enough to tide through rough times. And our rough times lasted for many years, stretching her mentally, emotionally, and financially. She still persisted and never gave up.?

It’s these three sisters whom I would not want to disappoint. They may not even expect anything extraordinary from me, but it's good to know that I have these angels who guided me when I wasn’t even sure about myself. Their words and their actions were like the wind my sails needed to reach the shores. I ain’t forgetting that ever, inspite of having built a ship now that goes from shore to shore, enjoying the experiences that life has to offer.

#3 - “Being trusted makes me happy.” - WB

Trust is defined as a?‘firm belief in the reliability, truth, or ability of someone or something.’

WB’s reference to trust reminded me of the umpteen stories where his firm (Berkshire Hathaway) has been referred to many successful business owners to sell their businesses into. Even Charlie Munger was asked to meet Buffet via references. Even the HBO documentary ‘Panic’ talks about Hank Paulson’s conversation with Mr. Buffet that sowed the seed for what the Fed will do to get out of the mess in the 2008 financial crisis. He was the sole person on whose credibility Solomon Bros lived to see another day, sparing the banking system in the 90s from the chaos that could have been very painful to many.

It reminds me of the stories of Richard Branson trusting his engineer on the hot air balloon trip around the world, inspite of many other attempts by others failing in the past. It reminds me of Jack Ma securing USD 20 million in funding from Softbank. It reminds me of my Citibank interview in 2005 that secured me a job in Dubai.?

It’s remarkable what trust can achieve. It’s a magnet for growth and happiness in times to come. And trust of others is to be safeguarded at all times. It’s not a chip in a casino to be gambled away. That’s what I see many doing by making selfish deals, short-term decisions, or displaying irrational behavior. But if one could realize that earning one’s trust could turn one’s life into a movie that one could cherish for years to come, then one would step up in every possible way to do a better job in every endeavor.

That’s why I like people who express their challenges openly and what they are going through. I like people who walk the talk. I like people who are humble and honest, who don’t boast about their superpowers or their organizations being the best things that happened to mankind. It's good to hear from someone that they are doing their best to solve problems posed to them, and they are being genuine about it. I like people who don’t complain, bitch, blame, or sulk.

Best of all, I admire people who gracefully carry the responsibilities of their entity, their country, their teams e.g. Rahul Dravid as a Coach for the Indian Cricket National Team or Sanjay Leela Bhansali as a Bollywood Movie Producer or Jeff Bezos as a founder of Amazon.

#4 - “I'm competitive in games I can win” -WB

It’s very interesting to think about this statement. Being competitive in games you cannot win is a recipe for a race to the bottom. It reminded me of price wars that have taken down many businesses, as each tries to cut the other by marking down their prices.?

But being competitive in games you can win hints at only playing games you have an edge in. When I think about the edge I possess, if any, it gets me thinking about all the jobs I’ve done to date. I have always been in Sales since 1997 i.e. when I joined my dad’s firm and started marketing corporate gift items. I didn’t achieve much in that role but that got me comfortable with meeting people and closing deals, though I was really bad at both. Coming from a Boy’s School didn’t help either.

Post my MBA, I started working as a Financial Planner at Anand Rathi Securities. My role required sales of mutual fund products to retail investors across the city of Mumbai. That got me started on the journey to be effective at the skill of closing deals. My biggest breakthrough came when I cracked a high-profile law firm’s partners account which got in crores of fresh AUM (Assets Under Management) to the firm. My most embarrassing moment was when a captain of a ship asked me to $%#@ off from his house when he got upset with the transaction charges levied by the bank. I still remember that meeting vividly.

But all my jobs (barring one in 1997) were related to sales. And that's the game I know I can win. You put me with a spreadsheet and ask me to spend the whole day on a computer cracking financial models with no human interaction, that may drive me mad and kill my productivity. But if you give me a team to work with, clients to connect to, and targets to achieve, that sets me working in the best manner possible.

#5 - “I’m a decaying old machine and it still feels wonderful.” - WB

WB’s enthusiasm for life is legendary. He enjoys simple things like a cheery coke, Sees Candies Peanut Brittle, Mcdonald's burger, a suit bought in a Sale, newspaper slinging competition at Berkshire Annual Events, or educating people on life and finance. His graciousness to teach has impacted almost all fund managers globally, directly or indirectly.?

In one of his interviews, he states that he talks to his managers daily, multiple times with Greg Abel. He is reading for hours daily and plays bridge every evening. He is in his happy zone when he is with his family, working on the business, and working with people he likes to work with.

It's simply about?family, business, and being trusted. These things get him going. And that joyful personality has created a behemoth in Berkshire by just sticking to his knitting i.e.?doing what he finds joy in and doing it really well.

No wonder Fortune released a book on Warren Buffet titled?‘Tap Dancing to Work’.?He has been doing so since 1965 and continues to do so even at 91.

I may not be a billionaire in this lifetime, but if I could create a life that looks and feels like?Tap Dancing to Work?for me day in and day out, then I’ll be damn happy with this result.

The game’s on and I too am looking forward to tomorrow, like he is every day!!!