In 1998, Buffett gave a very connotative speech at the Business School of the University of Florida. This speech was later called the most classic speech in Buffett's life, not one of them. Duan Yongping strongly recommends the content of this speech, and it is said that he has watched it 10 times.

The original text of the speech is relatively long, from which we compiled 40 excerpts of the essence into a text, involving investment philosophy, business judgment and some suggestions for young people. I believe that you will be inspired after reading it.
01
Don't do anything beyond the margin of safety
01. Suppose you hand me a gun with 1,000 magazines and 1 million magazines, and only one magazine has a bullet in it, and you say, "point the gun to your temple, pull the trigger, How much do you want?" I quit. No matter how much money you give me, I won't do it.
If I win, I don't need the money; if I lose, the result goes without saying. I don't want to do such a thing at all, but in the financial field, people often do such things without thinking about it.
02. Suppose you have US$100 million at the beginning of the year. If you don’t use leverage, you can earn 10%. If you use leverage, the success rate is 99%, and you can earn 20%. At the end of the year, you have US$110 million or US$120 million. Is there any difference? ? There is no difference.
If you die at the end of the year, the person who wrote the obituary may have made a clerical error, and although you have 120 million, he wrote 110 million.
What is the use of extra money? It's useless. It doesn't work for you, your family, or anyone else.
03. We have basically never borrowed money. Of course, our insurance company has float in it, but I have never borrowed money at all.
I didn’t borrow money when I only had 10,000 yuan. Is it different if I don’t borrow money? I am also very happy to invest when I have little money.
I don't care at all whether I have 10,000, 100,000, or 1 million. Unless there is an emergency, such as a serious illness and urgent need for money.
04. If you have 1 yuan now and think that when you have 2 yuan in the future, you will be happier than you are now. You may be wrong. Don’t think that earning 10 times or 20 times can solve all the problems in life. Such thoughts can easily lead you down the ditch.
If you borrow money when you shouldn't borrow money, or if you are eager for quick success, opportunistic, or do things you shouldn't do, you will have no place to buy regret medicine in the future.
02
A business that can be understood is a good business
05. American economist Henry Kaufman has such a famous saying:
"There are two kinds of people who go bankrupt, those who don't know anything, and those who know everything."
I hope everyone can learn from it.
06. I like businesses that I can understand. I use this filter, and 90% of the companies are filtered out.
There are some things that you know you don't know, but you can't do them.
07. I don't like easy business. It is easy to attract competitors. I like business with moat.
I would like to have a castle of great value, guarded by a worthy duke, and surrounded by a wide moat.
I often say to managers of Berkshire subsidiaries, widen the moat. throw in the moat