Lesson 1 : Lose money for the firm and I will be understanding. Lose a shred of reputation and I will be ruthless.
Lesson 2 : Choose the best who will have you.
Lesson 3 : It’s a mistake to think rationality will always hold up, even in able people. Don't expect even the very best and most considerate of people to do right all the time. It’s not human. When it happens, deal with it as you would hope someone would deal with you when in the wrong. Buffett regarded someone who had just done him wrong. It takes a special man to see the full picture.
Lesson 4 : You can always tell a man to go to hell tomorrow if it turns out to be such a good idea.
Lesson 5 : Don't worry about the fact that you’re going to fail.
Lesson 6 : You can be cheerful even if things are deteriorating.
Lesson 7 : The best defence in a tough economy is to add the most you can to society. Your money can be inflated away but your knowledge and talent cannot.
Lesson 9 : When you are exceptional you jump off the page. There really isn't that much competition there.
Lesson 10 : Do what you're passionate about. If you do this, there will be few people competing or running faster than you.
Lesson 11 : Own a business that requires very little capital to grow.
Lesson 12 : Don't be in a hurry.
Lesson 13 : Conduct yourself in life so other people trust you. It helps even more if they're right to trust you.
Lesson 14 : Think about how you want to be remembered. Act accordingly.
Lesson 15 : Reduced expectations is the best defence an investor has.
Lesson 16 : The problem with rules is people break them.
Lesson 19 : Don’t give your kids the idea they’re special just because their parents are rich or powerful.
Lesson 20 : Someone has to be the exemplar of not grabbing all that he can.
Lesson 21 : Reading fast is a huge advantage.
Lesson 22 : Learn to communicate.
Lesson 23 : Send letters to people you respect.
Lesson 24 : Never trade something you have and need for something you don’t have and don’t need, even if you really want it.
Lesson 25 : Continuous learning is absolutely required to have any significant achievement in the world.
We can all stand to learn and be better people from what they are willing to share. Take these lessons to heart. There will likely not be another Warren for a very long time. Take advantage of the education while you can. Do so and feeling success and fulfilment will come naturally. Thank you Warren. We owe you a great deal.