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In this interview with Robert Miles, Al Ueltschi, an aviation pioneer and legend, talks about all aspects of his business from starting out as a Kentucky farm boy, to teaching himself to fly, buying his first plane, becoming the first corporate pilot of the founder of Pan Am, starting in the marine terminal at NYC’s LaGuardia Airport, and eventually selling to Warren Buffett.

Listen to a man who has lived the total lifespan of aviation, from man’s first flight across the Atlantic Ocean to landing on the moon. A inspiring tale of a man of vision, a pilot, an entrepreneur, and a philanthropist, who founded and built FlightSafety into the largest pilot training company in the world, and now a wholly owned subsidiary of Warren Buffett’s Berkshire Hathaway.

This video may help the viewer understand the qualitative [non measurable] aspects that Warren Buffett may consider when making an investment. Al Ueltschi’s business success may touch your mind, but what he has done with that success may touch your heart.

Hear Al Ueltschi speak at the 4th Annual Value Investor Conference in LA on 7 & 8 May 2006.

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I just finished watching a talk given by Warren Buffett at the University of Florida. Watch the free video above for yourself to learn some of his thinking! I have written fragmented snippets of some of the things that he talked about below.

If you were graduating and were asked to pick someone from your class who will most likely succeed, what most of us will choose.

His thoughts on investing in Japan.

“Time is the friend of a wonderful business; but the enemy of a lousy business.”

His adversion of using leverage no matter how good the odds are.

“To risk something that is important to you for something this is not important to you is foolish. You only have to get rich once.”

His involvement in Long Term Capital Management.

“Work in a job that you love, and not something that will look good in your resume.”

He buys business that he can understand, with a moat around it and with honest and able management. If he’s unable to see them 10 years from now, he won’t buy it.

This point is worth pondering:
Everyone has a circle of competence when it comes to understanding businesses. It might be 20 stocks or 50 stocks out of the thousands of listed stocks. It is not how big your circle is, but how you stay inside the circle!

Activity versus inactivity.

What he will do if given a chance to live all over again.

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First a Dream, a book by Jim Clayton, influenced Warren Buffett to buy over Jim’s company after he had read the book.

Here’s a one hour video of an interview of Kevin Clayton, the son of Jim Clayton and CEO of Clayton Homes. The interviewer Robert Miles asks a series of questions covering all aspects of the business from getting started, to taking over from his father, and to selling to Warren Buffett.

The video may also help the viewer understand the qualitative aspects that Warren Buffett may consider when making an investment.

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Recently, Buffett paid $4 billion to buy 80% of the shareholdings in Iscar. An one-hour tour of the Tefen plant was enough to satisfy him that it was the right thing to do.

My partner Charlie and I had the opportunity to see magic with our own eyes during our visit to Iscar,” Buffett said. He added, “We’ve seen thousands of companies and have never seen such a combination of enormous achievement, power, talent and imagination as we saw at Iscar, a company that grew out of nothing to become a supplier to international companies.

He was so convinced of what he saw that he’s now prepared to look at additional investments in Israel.

Here are 3 video clips (total 43 minutes) of the media briefing with lots of sharing by Buffett.

The entire site is in Hebrew; to see the videos, just click on the pictures with Buffett’s photos. You need to wait a couple of minutes for the Hebrew commentary to finish before you can hear Buffett speaking in English.

You need to quickly go and watch it now as the photos will not appear on the front page after a few days. Once they are no longer there, you will need to navigate the site to find them. Which will be a challenge unless you know Hebrew.

For those who don’t have time to watch all the videos or want just a quick summary, here’s an article with keynotes taken of the first interview.

If you have been reading his annual reports, you will find that his values and investing principles does not really change much throughout the years.

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Warren Buffett stunned the world when he announced he was giving his fortune to the Bill and Melinda Gates Foundation. Charlie Rose is the only broadcast journalist with access to Buffett and Gates on their friendship which resulted in this historic announcement.

There’s a video interview with Warren Buffett with a look at the man behind the wealth.

Enjoy watching!

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Buffett on Philanthropy

Recently, Warren Buffett pledged to gradually give 85% of his Berkshire stock to five foundations.

A dominant five-sixths of the shares will go to the world’s largest philanthropic organization, the $30 billion Bill & Melinda Gates Foundation.

It’s somehow ironic that the world’s second richest man will be giving away the majority of his wealth to the world’s richest man.

You can watch the entire 90 minutes video clip of the event and also Buffett sharing his thoughts about philanthrophy at the Gates Foundation Website.

Truly emotional and full of insights.

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