In our next segment with Bill Gates and Warren Buffett, Gates says that it’s nice to have a job where playing games and playing with the latest software is a serious pursuit. However, Bill Gates takes two weeks per year that he calls think week, in which he just goes away to think.
Buffett is on think week about 50 weeks per year, and he works hard about 2 weeks per year. He hardly goes to meetings, because he doesn’t like them. He reads a lot, and he spends some time on the phone. His businesses mostly run themselves. His job is to allocate capital. He is the most productive in that mode. Bill Gates and Warren Buffett simply have different styles, and they play to their strengths.
Xbox 360 was a pretty big step in gaming. It is the first generation of high definition games, and gaming is becoming more social. So Microsoft is focused on bringing in broader demographics like women. There may also be innovations like audio input or cameras watching your body movements. It will be more like virtual reality.
A student asked whether it would be worth his time to stop and pick up a one hundred dollar bill. Buffett said that he would stop and pick up a dime if he dropped it.
Buffett has managed to avoid getting himself tied into a lot of meaningless activity. Bill Gates and Warren Buffett both agree that you have to learn how to say no if you want to be able to keep some free time to yourself. What is more important is your inner scorecard. If you are comfortable with your inner scorecard, then you are going to have a much happier life.
Many people look up to Buffett for financial advice, but Bill Gates and Warren Buffett usually look in the mirror for advice. Due to the nature of what he is doing, he has to think for himself. To do that, he must set up an environment that allows him to do that. He has a great partner in Charlie Munger, and if he needs someone to bounce an idea off of, he will most likely call Munger. The larger the group that is making decisions, the more homogenous the decision becomes. You rarely get a good investment idea out of a committee.