Bill Gates and Warren Buffett shared their best business decisions in a 1998 panel discussion.

Laura Hermes

2017-11-13 07:42:00 Mon ET

Top 2 wealthiest men Bill Gates and Warren Buffett shared their best business decisions in a 1998 panel discussion with students at the University of Washing-ton Business School. Buffett said his investment business Berkshire Hathaway was the best career because he enjoys what he does. He said it is important to take a big swing when extraordinary investment opportunities emerge. Alluding to his own experiences as a stock market investor, Buffett noted the need for a typical investor to act quickly when these great investment opportunities arise because "there is no time to be reading a book on the modern portfolio theory of diversification". Buffett further explained that when one finds a company or a business idea within his or her own circle of competence, the price is right, the people are right, then the investor should barrel in. 

For Gates, his best business decision was to go into partnership with Microsoft co-founder Paul Allen. Gates explained the importance of working with a person who "shares our vision, earns our trust, and complements us with a different set of skills". Buffett concurred and regarded his long-time reliable business partner Charlie Munger as his best friend with sound expert judgement. For Gates and Buffett, friendship and clairvoyance are the backbone of their business success.

 


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