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Apparently that's a no-no: ... Flint replied, "Well the top 5 are my primary focus, but the other 20 come in at a close second. They are still important so I'l

Apparently that's a no-no: ... Flint replied, "Well the top 5 are my primary focus, but the other 20 come in at a close second. They are still important so I'll work on those intermittently as I see fit as I'm getting through my top 5. They aren't as urgent, but I still plan to give them a dedicated effort." To which Buffett replied: "No. You've got it wrong, Mike. Everything you didn't circle just became your 'avoid at all cost list.' No matter what, these things get no attention from you until you've succeeded with your top 5." https://www.businessinsider.com/warren-buffetts-not-to-do-list-2016-10 https://www.businessinsider.com/warren-buffetts-not-to-do-li...

ChuckMcM 8y ago
Although some contradiction with the 7 habits of successful people (work on important but not urgent things). That said, I don't disagree with Buffett, but I do struggle with it :-)
- madeuptempacct 8y ago
  It's complicated - if I hyper-focus and never succeed, I will just end up an extremely, extremely boring person. So there are definitely cons to that strategy.
  - badpun 8y ago
    Even if you succeed, then you'll just end up an extremely, extremely boring person that also happens to be successful...
  - deleted 8y ago
    [deleted]
ALittleLight 8y ago
I'm no Warren Buffet, so I hesitate to disagree, but these kinds of stories always make me think of a parable about weight lifting. You go to a gym to learn to lift weights. You see a big strong guy and ask him to teach you. He must know how to lift weights and get big and strong, right? He's done it after all. Sure enough, the big guy knows just what to do. He's got all sorts of advice, he disagrees with conventional wisdom, he shares his training schedule etc. The only problem is, when you follow the big guy's advice, you don't see much gains - or maybe you get injured, or you plateau. What you didn't know is that, in addition to all of his advice and idiosyncrasies, the big guy takes steroids. The big guy is big not because of his lifting schedule or the chant he says before he works out or whatever, he's big mostly because he's taking steroids. Following his advice without the steroids won't really be that useful for you. To relate this back to the Buffet story, Buffet has been rich for decades. His wealth came from his ability to value companies, make deals, etc. Then with money he lives a very different lifestyle. If you don't have the steroids - the vastly better ability to do something the market puts a lot of value on, then Buffet's advice may not get you very much and may actually hurt you. Where Buffet lets lower priority tasks slide or delegates them they still get done by his employees. If you do it then your house is going unmaintained or a relationship is getting neglected etc.
- nostrademons 8y ago
  "Where Buffet lets lower priority tasks slide or delegates them they still get done by his employees. If you do it then your house is going unmaintained or a relationship is getting neglected etc." Perhaps that's the lesson. I'm reminded of the startup aphorism "You don't have to be good if you're great." It's really a statement about market dynamics. If you are "great" (the monopoly provider of a service, asset, or technology that other people value) then you will attract capital and people who are "good" (hardworking and skilled people who specialize in the non-monopoly fields you need). You can then trade access to your skill for access to theirs, and do so with great leverage because there are many more of them than you. If you don't have a monopoly skill or asset, then - assuming you want to take advantage of these market dynamics - your first priority should be to acquire one. And yes, that means that your house is going unmaintained and your relationships are getting neglected. So what?
  - fardo 8y ago
    >And yes, that means that your house is going unmaintained and your relationships are getting neglected. So what? Your relationships and the state of the environment you maintain for yourself are important. Together, they likely have more impact on your long term happiness and physical and mental health than any kind of ability “to take advantage of these market dynamics”.
    - zeeed 8y ago
      And that makes them one of the top 5 for me
taneq 8y ago
I know here on HN we've recently been discussing overdiagnosis of confirmation bias, but this seems like a textbook example. Putting all of your eggs in one basket is great for maximizing your returns IF that basket pays off, but it also maximizes your chance of ending up with nothing.

ChuckMcM 8y ago

Although some contradiction with the 7 habits of successful people (work on important but not urgent things). That said, I don't disagree with Buffett, but I do struggle with it :-)

madeuptempacct 8y ago
It's complicated - if I hyper-focus and never succeed, I will just end up an extremely, extremely boring person. So there are definitely cons to that strategy.
- badpun 8y ago
  Even if you succeed, then you'll just end up an extremely, extremely boring person that also happens to be successful...
- deleted 8y ago
  [deleted]

ALittleLight 8y ago

I'm no Warren Buffet, so I hesitate to disagree, but these kinds of stories always make me think of a parable about weight lifting. You go to a gym to learn to lift weights. You see a big strong guy and ask him to teach you. He must know how to lift weights and get big and strong, right? He's done it after all. Sure enough, the big guy knows just what to do. He's got all sorts of advice, he disagrees with conventional wisdom, he shares his training schedule etc. The only problem is, when you follow the big guy's advice, you don't see much gains - or maybe you get injured, or you plateau. What you didn't know is that, in addition to all of his advice and idiosyncrasies, the big guy takes steroids. The big guy is big not because of his lifting schedule or the chant he says before he works out or whatever, he's big mostly because he's taking steroids. Following his advice without the steroids won't really be that useful for you. To relate this back to the Buffet story, Buffet has been rich for decades. His wealth came from his ability to value companies, make deals, etc. Then with money he lives a very different lifestyle. If you don't have the steroids - the vastly better ability to do something the market puts a lot of value on, then Buffet's advice may not get you very much and may actually hurt you. Where Buffet lets lower priority tasks slide or delegates them they still get done by his employees. If you do it then your house is going unmaintained or a relationship is getting neglected etc.

nostrademons 8y ago
"Where Buffet lets lower priority tasks slide or delegates them they still get done by his employees. If you do it then your house is going unmaintained or a relationship is getting neglected etc." Perhaps that's the lesson. I'm reminded of the startup aphorism "You don't have to be good if you're great." It's really a statement about market dynamics. If you are "great" (the monopoly provider of a service, asset, or technology that other people value) then you will attract capital and people who are "good" (hardworking and skilled people who specialize in the non-monopoly fields you need). You can then trade access to your skill for access to theirs, and do so with great leverage because there are many more of them than you. If you don't have a monopoly skill or asset, then - assuming you want to take advantage of these market dynamics - your first priority should be to acquire one. And yes, that means that your house is going unmaintained and your relationships are getting neglected. So what?
- fardo 8y ago
  >And yes, that means that your house is going unmaintained and your relationships are getting neglected. So what? Your relationships and the state of the environment you maintain for yourself are important. Together, they likely have more impact on your long term happiness and physical and mental health than any kind of ability “to take advantage of these market dynamics”.
  - zeeed 8y ago
    And that makes them one of the top 5 for me

taneq 8y ago

I know here on HN we've recently been discussing overdiagnosis of confirmation bias, but this seems like a textbook example. Putting all of your eggs in one basket is great for maximizing your returns IF that basket pays off, but it also maximizes your chance of ending up with nothing.