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What Bill Gates Learned From Warren Buffett

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Bill Gates isn't dead, but people are already sharing their favorite Gates stories as if it were a wake. Rich Karlsgaard today offers this:

So here’s my favorite story, and maybe it tells us why the rich are different. On the 11pm shuttle from Boston’s Logan to New York’s La Guardia, Gates sat in 27D. With one arm he worked on his Compaq 486 notebook. With the other arm, he held Benjamin Graham’s classic 1949 investment book, The Intelligent Investor. Graham, who died in 1976, was a Columbia finance professor who taught Warren Buffett... then in 1993 America’s richest man, ahead of Gates.

Graham's Intelligent Investor is one of the founding texts of "value investing." It famously begins with the distinction between an "investors" and a "speculator."

An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.

My Best Bill Gates Story
[Digital Rules on Forbes]