Other[Music][Applause][Applause][Applause] [Music][Music]
Otherhello my name is Kevin I'm 10 years old
Otherhello my name is Kevin I'm 10 years old
Otherhello my name is Kevin I'm 10 years old I like to code I like to read books and
OtherI like to code I like to read books and
OtherI like to code I like to read books and I like playing with my friends this is
OtherI like playing with my friends this is
OtherI like playing with my friends this is my young
Othermy young
Othermy young brother hello my name is Justin I'm 6
Otherbrother hello my name is Justin I'm 6
Otherbrother hello my name is Justin I'm 6 years old and I like leing with my mom
Otheryears old and I like leing with my mom
Otheryears old and I like leing with my mom and playing CH with my brother and
Otherand playing CH with my brother and
Otherand playing CH with my brother and playing with my friends and
Otherplaying with my friends and
Otherplaying with my friends and swimming all
Otherswimming all
Otherswimming all right and um we all know that you Mr
Otherright and um we all know that you Mr
Otherright and um we all know that you Mr monish Fab very successful investor
Othermonish Fab very successful investor
Othermonish Fab very successful investor businessman and
Otherbusinessman and
Otherbusinessman and philanthropist and we would like to um
Otherphilanthropist and we would like to um
Otherphilanthropist and we would like to um start this off with a joke is that okay
Otherstart this off with a joke is that okay
Otherstart this off with a joke is that okay with you go ahead I'm looking forward to
Otherwith you go ahead I'm looking forward to
Otherwith you go ahead I'm looking forward to your
Otheryour
Otheryour joke um okay so I have a joke for you
Otherjoke um okay so I have a joke for you
Otherjoke um okay so I have a joke for you guys what's a Stock's favorite
Otherguys what's a Stock's favorite
Otherguys what's a Stock's favorite drink what's what's the Stock's favorite
Otherdrink what's what's the Stock's favorite
Otherdrink what's what's the Stock's favorite drink yes I don't know you tell me
Otherdrink yes I don't know you tell me
Otherdrink yes I don't know you tell me liquid assets okay that's good Justin do
Otherliquid assets okay that's good Justin do
Otherliquid assets okay that's good Justin do you have a joke for Mr P yes why did the
Otheryou have a joke for Mr P yes why did the
Otheryou have a joke for Mr P yes why did the chicken invest in
Otherchicken invest in
Otherchicken invest in stalks Why did the
Otherstalks Why did the
Otherstalks Why did the ticket chicken Chien chicken invest in
Otherticket chicken Chien chicken invest in
Otherticket chicken Chien chicken invest in why did he invest in stalks I'm not sure
Questionerwhy did he invest in stalks I'm not sure
Questioneryou tell me because he wanted excellent
Questionerprophets get it all
Questionerright Mr Mr pide do you have a joke for us what do you call a woman who drinks just one cup of
Questionertea uh I don't know an old woman
Questionerjust one it's okay you can ask your parents
Questionerlater
Questionerwhat how many lips does a flower have two lips tul lip there you
Questionergo tul lips it's a t of flower all right sounds good yes um
Questionershould we um start with our um amazing questions yeah let's go ahead so we all know you Mr monis fa a a very successful investor businessman and philanthropist and we would like to ask you some questions so the first question is many grown-ups believe that kids should only focus on studies and not think about money or investing too much many grown-ups even said that to us do you agree with them in your opinion what's the right age to start investing
Otherwhat's the right age to start investing and thinking about money I don't agree with the grown-ups in fact I think that would be quite a negative approach to take so one of the things about for both of you especially which is so wonderful to talk to you the ages you're at is the human brain is the fastest growing organ after a baby is born it's really underdeveloped when a baby is born that's why human infancy is so long a baby needs a lot of care and attention which is not the case for many other mammals Etc right they many of them will start tring for themselves relatively quickly but a human baby is very dependent until that brain has come up to a certain point and that takes several years but after the age of about 10 or 11 which is you know the age you're at Kevin is the brain is optimally set up to specialize and uh whatever activities
Otherspecialize and uh whatever activities you spend a lot of time on from the ageyou spend a lot of time on from the ageyou spend a lot of time on from the age of 10 to maybe around the age of 20 yourof 10 to maybe around the age of 20 yourof 10 to maybe around the age of 20 your brain will allocate a large portion ofbrain will allocate a large portion ofbrain will allocate a large portion of its real estate to that activity if youits real estate to that activity if youits real estate to that activity if you try to do that same activity after yourtry to do that same activity after yourtry to do that same activity after your 20 or 25 or 30 years20 or 25 or 30 years20 or 25 or 30 years old that space is not available theold that space is not available theold that space is not available the learning and growth that you can havelearning and growth that you can havelearning and growth that you can have and the edge you can gain Advantage youand the edge you can gain Advantage youand the edge you can gain Advantage you can gain versus other humans by doingcan gain versus other humans by doingcan gain versus other humans by doing these activities at this young age isthese activities at this young age isthese activities at this young age is very important so for example Bill Gatesvery important so for example Bill Gatesvery important so for example Bill Gates was writing code he started writing codewas writing code he started writing codewas writing code he started writing code when he was 10 or 11 and he was spendingwhen he was 10 or 11 and he was spendingwhen he was 10 or 11 and he was spending dozens of hours a week writing code anddozens of hours a week writing code anddozens of hours a week writing code and by the time he was about 20 he must haveby the time he was about 20 he must haveby the time he was about 20 he must have spent more than 10,000 hours writingspent more than 10,000 hours writingspent more than 10,000 hours writing code and literally no one could couldcode and literally no one could couldcode and literally no one could could catch up with him because he had had socatch up with him because he had had socatch up with him because he had had so much experience he he must havemuch experience he he must havemuch experience he he must have practiced a lot he must have PRpracticed a lot he must have PRpracticed a lot he must have PR practiced a lot rightpracticed a lot right
Questionerpracticed a lot right yeah so what he used to do at at when heyeah so what he used to do at at when heyeah so what he used to do at at when he was growingwas growingwas growing up computers were not in people's homesup computers were not in people's homesup computers were not in people's homes they were no there was no computer likethey were no there was no computer likethey were no there was no computer like you have a home computer or laptop oryou have a home computer or laptop oryou have a home computer or laptop or tablet or phone then how did he practicetablet or phone then how did he practicetablet or phone then how did he practice he was going to a private school inhe was going to a private school inhe was going to a private school in Seattle Lakeside Academy Lakeside wasSeattle Lakeside Academy Lakeside wasSeattle Lakeside Academy Lakeside was one of the first high schools in theone of the first high schools in theone of the first high schools in the country to get computer time they didn'tcountry to get computer time they didn'tcountry to get computer time they didn't actually have a computer but they hadactually have a computer but they hadactually have a computer but they had access through a leas line to a computeraccess through a leas line to a computeraccess through a leas line to a computer at another locationat another locationat another location and what Bill used to do is he wouldand what Bill used to do is he wouldand what Bill used to do is he would sneak out of his parents' home aftersneak out of his parents' home aftersneak out of his parents' home after everyone went to sleep around 11: oreveryone went to sleep around 11: oreveryone went to sleep around 11: or 12:00 and then he would sneak into the12:00 and then he would sneak into the12:00 and then he would sneak into the computer lab computer room of hiscomputer lab computer room of hiscomputer lab computer room of his school and he would code till 4: or 5:00school and he would code till 4: or 5:00school and he would code till 4: or 5:00 in the morning and at that time becausein the morning and at that time becausein the morning and at that time because these computers were not being used itthese computers were not being used itthese computers were not being used it was very fast because even where it waswas very fast because even where it waswas very fast because even where it was based there was no usage and then he
Otherbased there was no usage and then he would come home at 4:05 : in the morning would come home at 4:05 : in the morning would come home at 4:05 : in the morning and go to sleep and pretend like he had and go to sleep and pretend like he had and go to sleep and pretend like he had been sleeping all night okay and of been sleeping all night okay and of been sleeping all night okay and of course in the daytime he also tried to course in the daytime he also tried to course in the daytime he also tried to in school spend as much time as he could in school spend as much time as he could in school spend as much time as he could on the computer and he kept doing this on the computer and he kept doing this on the computer and he kept doing this till he was I think 16 or 17 or maybe till he was I think 16 or 17 or maybe till he was I think 16 or 17 or maybe around 17 or 18 he went to Harvard and around 17 or 18 he went to Harvard and around 17 or 18 he went to Harvard and then again he dropped out and you know then again he dropped out and you know then again he dropped out and you know continued the same with Michael Angelo continued the same with Michael Angelo continued the same with Michael Angelo you know the famous sculptor and painter you know the famous sculptor and painter you know the famous sculptor and painter he was an apprentice and learning how to he was an apprentice and learning how to he was an apprentice and learning how to do sculpture when he was 9 or 10 years do sculpture when he was 9 or 10 years do sculpture when he was 9 or 10 years old and again he became really good and old and again he became really good and old and again he became really good and Warren Buffett bought his first stock Warren Buffett bought his first stock Warren Buffett bought his first stock when he was 11 years old he said that he when he was 11 years old he said that he when he was 11 years old he said that he was wasting his time till then I mean he was wasting his time till then I mean he was wasting his time till then I mean he should have bought his first stock like should have bought his first stock like should have bought his first stock like when he was J's age I bought my first S when he was J's age I bought my first S when he was J's age I bought my first S when I was like five Justin got it when when I was like five Justin got it when when I was like five Justin got it when he was like one I think one Justin did
Questionerhe was like one I think one Justin didhe was like one I think one Justin did you buy a stock when you were one yearyou buy a stock when you were one yearyou buy a stock when you were one year old were you able to you were not ableold were you able to you were not ableold were you able to you were not able to you were not ableto for four four okay at four four heto for four four okay at four four heto for four four okay at four four he chose his stockchose his stockchose his stock but Dustin what what stock did you buybut Dustin what what stock did you buybut Dustin what what stock did you buy atatat Foria no yeah no you only bought thatForia no yeah no you only bought thatForia no yeah no you only bought that now what stock did you buy the firstnow what stock did you buy the firstnow what stock did you buy the first stock you boughtjustiny love Disney it's an amazingjustiny love Disney it's an amazingjustiny love Disney it's an amazing company Google I Google Disney andcompany Google I Google Disney andcompany Google I Google Disney and Google and Kevin what was your firstGoogle and Kevin what was your firstGoogle and Kevin what was your first talk um one a couple of my first talkstalk um one a couple of my first talkstalk um one a couple of my first talks were like Microsoft andwere like Microsoft andwere like Microsoft and Disney and Google do you still own themDisney and Google do you still own themDisney and Google do you still own them yes I still own them I also ownyes I still own them I also ownyes I still own them I also own Facebook okay are you going to sellFacebook okay are you going to sellFacebook okay are you going to sell them not for a long time okay that'sthem not for a long time okay that'sthem not for a long time okay that's good not for a long time it's verygood not for a long time it's verygood not for a long time it's very important to learn about business if youimportant to learn about business if youimportant to learn about business if you have an interest in it you know if youhave an interest in it you know if youhave an interest in it you know if you have an interest in paintinghave an interest in paintinghave an interest in painting you should do a lot of painting whenyou should do a lot of painting whenyou should do a lot of painting when you're a kid but if you if you have anyou're a kid but if you if you have anyou're a kid but if you if you have an interest in business so when Warren
Otherinterest in business so when Warren Buffett was 6 years old his grandfather owned a grocery store called Buffett and son and he used to buy a sixpack of Coke from the grocery store for 25 cents and then he used to sell it for a nickel for each one so he would make 5 cents he was to sell it to his friends in school or whatever he was profiting at a a very young age yes he was profiting at a very young age and it is very important I mean both of you both of you ran a lemonade stand right you made some money and you also donated some money to Dua so thank you so much for that but the lemonade stand is really important in fact you should do it more often because what you learn from the lemonade stand is you know how much is the cost of everything and then your selling price and how much you're able to sell and very important that you're able to sell
Questionervery important that you're able to sell everything so that you make a profit and understanding all of that and actually going through it is really important in the long run to become a good investor and a good business person so if you have an interest in investing and business then doing different businesses is important Warren Buffett also when he was about 9 or 10 years old he used to find go balls that were lost you know when when golfers go on a golf course and they play golf anytime they hit when they hit the ball it goes in the water or it gets lost in the woods his friends and he would go and find these balls and then he would sort them and then he would sell them on street corners for a low price but his cost was zero right he didn't pay for those balls so he was making money on that as well and he did many many businesses he had a newspaper route very
Questionerbusinesses he had a newspaper route very large newspaper route when he was in high school and he used to go in his bicycle and deliver newspapers so he was doing many different things and those were very useful to him later when he became a businessman and when he became an investor Mr Bri um
OtherJustin has something he wants to ask you go ahead what is the best thing you bought with your money
Questionerthe best thing I bought with my money was Freedom okay so so what happened is that in 1995 which is a long time ago about 29 years ago I sold a portion of my business and I after taxes everything I had $1 million wait which and programming IT consulting business at that time oh I sold a portion of it I got 1 million after taxes and I didn't need that money I was already making money elsewhere so it was extra money I invested that money that was the first
Otherinvested that money that was the first when I started investing after 5 yearswhen I started investing after 5 yearswhen I started investing after 5 years that million had become about 13 millionthat million had become about 13 millionthat million had become about 13 million it had done really well it had grown ait had done really well it had grown ait had done really well it had grown a lot when it became 13 million for me itlot when it became 13 million for me itlot when it became 13 million for me it was a very big amount ofwas a very big amount ofwas a very big amount of money it gavemoney it gavemoney it gave me theme theme the freedom to think about what I wanted tofreedom to think about what I wanted tofreedom to think about what I wanted to do day to day so one of the things I wasdo day to day so one of the things I wasdo day to day so one of the things I was Finding at that time it this was theFinding at that time it this was theFinding at that time it this was the yearyearyear 99 2000 around then was that I had I was99 2000 around then was that I had I was99 2000 around then was that I had I was losing interest in my business the itlosing interest in my business the itlosing interest in my business the it business I still had that but I wasbusiness I still had that but I wasbusiness I still had that but I was losing interest in it I decided to leavelosing interest in it I decided to leavelosing interest in it I decided to leave thethethe company find somebody else to run it andcompany find somebody else to run it andcompany find somebody else to run it and I had the freedom to do that because nowI had the freedom to do that because nowI had the freedom to do that because now I had this money on the side where I wasI had this money on the side where I wasI had this money on the side where I was not dependent on the business ornot dependent on the business ornot dependent on the business or anything so the money gave meanything so the money gave meanything so the money gave me freedom and that was extremely importantfreedom and that was extremely importantfreedom and that was extremely important so that was the first importantso that was the first importantso that was the first important thing I bought from my investments andthing I bought from my investments andthing I bought from my investments and that's a very good story okay that's
Questionerthat's a very good story okay that's amazing and does m make you happy well
Warrenthe money definitely made me happy but you don't need money to be happy okay so there's a lot of rich people who are unhappy and there are a lot of poor people who are very happy so it's not always true that if you have a lot of money you'll be very happy it is possible more likely that you can be more happy if you decide to use the money in a way that makes your life more interesting or better you know like for example there's a card game called bridge I don't know if you heard of it I read about that yeah so not not many young people play it now but I like to play bridge a lot a lot of people enjoy Bridge a lot they play it a lot you don't need money a lot of money to play bridge you know you could buy a online subscription for $100 or $200 a year and it would give you almost infinite time
Otherit would give you almost infinite time to play bridge right so it's relatively cheap it might be like 50 cents an hour or 20 cents an hour or something pretty cheap so yeah the best things in life are free they don't cost anything but you have to think think carefully about what makes you happy and for each person that answer is different so as you grow up and you try different things like Justin mentioned he likes to play chess is that right Justin you like to play chess yeah yeah he's learning if you like to play chess you should increase the time you spend playing chess if you like reading you can increase the time for reading if you don't like something other than homework you can decrease the time for that right and so that way you'll have a very happy life yes that's very valuable knowledge thank you um I have a another question for you um can you please
Questionerquestion for you um can you please explain the concept of compounding in a simple way and the key role it plays in generating wealth
Questioneryeah so there's a story I want to tell you you know Justin likes to play chess and there was a guy in Persia which is now Iran who invented the game of chess and there was a ruler in Persia who became he loved the game of chess he played it a lot and so he called the inventor of the game to his Palace and he said I'm so happy playing chess and I want to give you some gift or reward so what would you like to get you can ask for anything you want I'll be happy to give it to you so the guy who invented the game of chess said I don't want much I just want you to put one grain of rice on the first square of the chess board and then I want you to put two grains of rice on the second square of the
Otherthethe chessboard and then each Square afterchessboard and then each Square afterchessboard and then each Square after that I want you to double the grains ofthat I want you to double the grains ofthat I want you to double the grains of rice so how many grains of rice would berice so how many grains of rice would berice so how many grains of rice would be on the third Square four and fourthon the third Square four and fourthon the third Square four and fourth Square um eight fifth Square 16 sixSquare um eight fifth Square 16 sixSquare um eight fifth Square 16 six squaresquaresquare 32 seven square seven Square 64 832 seven square seven Square 64 832 seven square seven Square 64 8 square um 128 9square um 128 9square um 128 9 Square umSquare umSquare um 250 256250 256250 256 256 10 10256 10 10256 10 10 square there's only 10 squar let's let'ssquare there's only 10 squar let's let'ssquare there's only 10 squar let's let's make it simple instead of 256 just thinkmake it simple instead of 256 just thinkmake it simple instead of 256 just think it's 250 okay okay so that was the 8it's 250 okay okay so that was the 8it's 250 okay okay so that was the 8 squaresquaresquare what's the ninthwhat's the ninthwhat's the ninth Square umSquare umSquare um 500 10th Square500 10th Square500 10th Square 1,000 okay and if you go all the way to1,000 okay and if you go all the way to1,000 okay and if you go all the way to 64 what would be that64 what would be that64 what would be that number so in school I don't know whethernumber so in school I don't know whethernumber so in school I don't know whether you you've learned this yet or not butyou you've learned this yet or not butyou you've learned this yet or not but what is 2 squared um 2 squared is fourwhat is 2 squared um 2 squared is fourwhat is 2 squared um 2 squared is four and have they Tau you what is 2 Cube noand have they Tau you what is 2 Cube noand have they Tau you what is 2 Cube no I just learned that from home um I thinkI just learned that from home um I thinkI just learned that from home um I think 2 cube is um four No 2 Cub is 8 2 * 2 *2 cube is um four No 2 Cub is 8 2 * 2 *2 cube is um four No 2 Cub is 8 2 * 2 * 2 oh okay so 2 squ is yes yeah so 2 2 22 oh okay so 2 squ is yes yeah so 2 2 22 oh okay so 2 squ is yes yeah so 2 2 2 is 2 * 2 2 cubed is 2 * 2 * 2 right andis 2 * 2 2 cubed is 2 * 2 * 2 right andis 2 * 2 2 cubed is 2 * 2 * 2 right and 2 ^ of
Other2 ^ of2 ^ of 4 is 2 * 2 * 2 *4 is 2 * 2 * 2 *4 is 2 * 2 * 2 * 222 okay so what is 2 the^ of 4 um 2 to the^okay so what is 2 the^ of 4 um 2 to the^okay so what is 2 the^ of 4 um 2 to the^ of 4 is 16 there you go so on the firstof 4 is 16 there you go so on the firstof 4 is 16 there you go so on the first Square the number of grains of rice doSquare the number of grains of rice doSquare the number of grains of rice do you know what two to the power of zeroyou know what two to the power of zeroyou know what two to the power of zero is zero no so two to the^ of Z is ais zero no so two to the^ of Z is ais zero no so two to the^ of Z is a special case it'sspecial case it'sspecial case it's one two the^ 0 is oneone two the^ 0 is oneone two the^ 0 is one okay two to the power ofokay two to the power ofokay two to the power of one is two yeah okay so if you on theone is two yeah okay so if you on theone is two yeah okay so if you on the first Square the number of grains offirst Square the number of grains offirst Square the number of grains of rice is 2 to the^ zero on the secondrice is 2 to the^ zero on the secondrice is 2 to the^ zero on the second Square the number of grains of rice isSquare the number of grains of rice isSquare the number of grains of rice is two to the power one on the third squaretwo to the power one on the third squaretwo to the power one on the third square is 2 the^ of two okay and if you keepis 2 the^ of two okay and if you keepis 2 the^ of two okay and if you keep going to the 64th Square which is thegoing to the 64th Square which is thegoing to the 64th Square which is the last Square Justin how many squares onlast Square Justin how many squares onlast Square Justin how many squares on the chest board it's 64the chest board it's 64the chest board it's 64 next time you play chess I want you tonext time you play chess I want you tonext time you play chess I want you to count all thecount all thecount all the squares okay are you going to count allsquares okay are you going to count allsquares okay are you going to count all the squares next time okay okay makethe squares next time okay okay makethe squares next time okay okay make sure I gave you the right number okay sosure I gave you the right number okay sosure I gave you the right number okay so if you go to the last Square the 64thif you go to the last Square the 64thif you go to the last Square the 64th Square the number of grains of rice on
OtherSquare the number of grains of rice on that last square is going to be 2 the^ of 63 okay that's 2 * 2 * 2 63 times wow okay and yeah all the rice all the rice in all the squares will be 1 + 2 + 4 + 8 + 16 + 32 all the way to 2 the^ 63 and that number is 2 ^ 64 minus 1 okay all this you will learn in the next few years in school don't worry about it so now the king was not good at math you know how Kevin and Justin are good at math the King was not good at Ma okay so he got angry with the chess inventor he said I wanted to give you all this gold and diamonds and all you want is some rice he said yes sir that's all I want just some rice okay he tells his Minister measure out the grain of grains of rice for this guy and get him out of my court okay so after 3 days the inventor of Chess was still there so the king asked asked him why are you still here he said I'm
Otherhim why are you still here he said I'm waiting for the rice okay then the minister said your highness it took us a long time to do the calculation of how much rice it is okay and we don't have that much rice in the entire Kingdom if we take all that rice in fact the amount of rice it comes to the 2^ 64 minus 1 is more rice than what exists in the whole planet Earth okay it is such a large number because of the doubling okay now have you heard of something known as a rule of 72 the rule of 72 don't worry about it I'm going to teach you the rule of 72 okay okay the rule of 72 is a mathematical shortcut okay okay if we want to know if we want to know how long money is going to take to double okay let's say you have $100 and you put it in a bank okay and let's say the bank gives you 10% interest every year okay after one year how much money
Otheryear okay after one year how much money will youwill youwill you have umhave umhave um $110 okay and after two years how much$110 okay and after two years how much$110 okay and after two years how much money will you how much money will wemoney will you how much money will wemoney will you how much money will we have after twohave after twohave after two yearsyearsyears $120 what no it's not $120 because it's$120 what no it's not $120 because it's$120 what no it's not $120 because it's compounded so oh after one year you havecompounded so oh after one year you havecompounded so oh after one year you have 110 so how much you have but the second110 so how much you have but the second110 so how much you have but the second year you invested that $10 back in soyear you invested that $10 back in soyear you invested that $10 back in so yes so how much is there after two yearsyes so how much is there after two yearsyes so how much is there after two years um$30 no the second year you will earn$30 no the second year you will earn$30 no the second year you will earn $11 11 10% right oh yeah so you have 110$11 11 10% right oh yeah so you have 110$11 11 10% right oh yeah so you have 110 you'll earn $11 on that right and thenyou'll earn $11 on that right and thenyou'll earn $11 on that right and then you'll haveyou'll haveyou'll have 121 110 + 11 okay how much will you have121 110 + 11 okay how much will you have121 110 + 11 okay how much will you have at the end of the third year at the endat the end of the third year at the endat the end of the third year at the end of the third year you will have so youof the third year you will have so youof the third year you will have so you you haveyou haveyou have 121 what is 10% of121 what is 10% of121 what is 10% of 121 10% of 121 is 12 and half dollar121 10% of 121 is 12 and half dollar121 10% of 121 is 12 and half dollar 12.112.112.1 12.1 okay you move the decimal by one12.1 okay you move the decimal by one12.1 okay you move the decimal by one 12.1 okay so we had12.1 okay so we had12.1 okay so we had 121 then we got121 then we got121 then we got 12.1 it becomes133 wow right so 121 + 12.1 is 133 + 1133 wow right so 121 + 12.1 is 133 + 1133 wow right so 121 + 12.1 is 133 + 1 how much will be there after fourhow much will be there after fourhow much will be there after four years after four years um so you knowyears after four years um so you know
Questioneryears after four years um so you know you have 133 forget the0 one for now
Otherokay you have 133 right yes and you get
Questioner10% on that how much will you earn on
Otherthe
Questioner133 so you'll get what
Other13.3 yes 13.3 because okay so you had 1
Questioner31.1 and you add
Other13.3 it'll be
Questioner144
Other4 and then in the fifth year you'll
Questionerget um
Other14.4 yeah and you'll keep going okay now
Questionerthe rule of
Other72 if I want to know how long that $100
Questionerwill take to become
Other$200 right the double how long will that
Questionerdouble take at the
Other10% I can take
Questioner72 the number
Other72 divide it by 10 which is the interest
Questionerrate and that is approximately
Otherseven right so 72 divide by 10 is seven
Questionercorrect approximate take 70 divide by 10
Otherokay in a whole number that that money
Questionerwill double every seven
Otheryears okay it will double every seven
Questioneryears oh so you have $100 after s Years
Otheryou'll have
Questioner$200 after 14 years you'll have
Other$400 and it'll keep going okay now what
Other$400 and it'll keep going okay now what
Other$400 and it'll keep going okay now what if you were making 20%
Otherif you were making 20% a okay and it would be like a half% fast
Othera okay and it would be like a half% fast
Othera okay and it would be like a half% fast So like um so after one year so what is
OtherSo like um so after one year so what is 70 what is 72 divide by
Other70 what is 72 divide by 20 72 divided by
Other20 72 divided by 20 um
Other20 um 4 so it's about three and a half yeah
Other4 so it's about three and a half yeah three and a half yeah but numbers it's
Otherthree and a half yeah but numbers it's four so basically if if you
Otherfour so basically if if you were compounding at 20% a year
Otherwere compounding at 20% a year it would take three and a half years for
Otherit would take three and a half years for the money to double okay now Warren
Otherthe money to double okay now Warren Buffett when he started compounding his
OtherBuffett when he started compounding his money from the age of when he was a
Othermoney from the age of when he was a teenager he was getting
Otherteenager he was getting 24%
Other24% okay if you're getting 24% a year how
Otherokay if you're getting 24% a year how long does it take for the money to
Otherlong does it take for the money to double so 72 divid by
Otherdouble so 72 divid by 24 is what I'm starting from $100 right
Other24 is what I'm starting from $100 right yeah yeah but what I'm saying but we
Otheryeah yeah but what I'm saying but we want to know how long it takes to double
Otherwant to know how long it takes to double right so what is 72 divide by
Otherright so what is 72 divide by 24 or what is 75 divide by
Other24 or what is 75 divide by 25 75 divided by 25 is three yes and 74
Other25 75 divided by 25 is three yes and 74
Other25 75 divided by 25 is three yes and 74 divide by 72 divide by 24 is 3 24
Otherdivide by 72 divide by 24 is 3 24 4872 okay three Warren Buffett4872 okay three Warren Buffett4872 okay three Warren Buffett was doubling his money every threewas doubling his money every threewas doubling his money every three years okay every three years he wasyears okay every three years he wasyears okay every three years he was doubling his moneydoubling his moneydoubling his money now he was doing so many different jobsnow he was doing so many different jobsnow he was doing so many different jobs when he was in high school and beforewhen he was in high school and beforewhen he was in high school and before that so when he was 18 yearsthat so when he was 18 yearsthat so when he was 18 years old he hadold he hadold he had $10,000 wow okay had $10,000 wow so if$10,000 wow okay had $10,000 wow so if$10,000 wow okay had $10,000 wow so if he had $10,000 when he was 18 years oldhe had $10,000 when he was 18 years oldhe had $10,000 when he was 18 years old how many dollars did he have when he washow many dollars did he have when he washow many dollars did he have when he was 21 three years21 three years21 three years later so four years later no three helater so four years later no three helater so four years later no three he was at 24% he was growing the money atwas at 24% he was growing the money atwas at 24% he was growing the money at 24% so he was doubling in three24% so he was doubling in three24% so he was doubling in three years so when he was 21 what be whatyears so when he was 21 what be whatyears so when he was 21 what be what happened to thathappened to thathappened to that 10,000 It10,000 It10,000 It came it became 20,000 itcame it became 20,000 itcame it became 20,000 it doubled right we said that 2472doubled right we said that 2472doubled right we said that 2472 was three right so atwas three right so atwas three right so at 21 it was21 it was21 it was 20,000 okay and then in the next three20,000 okay and then in the next three20,000 okay and then in the next three years it became 30,000 then no no no noyears it became 30,000 then no no no noyears it became 30,000 then no no no no no when he wasno when he wasno when he was 24 when he was 20 how much money did he24 when he was 20 how much money did he24 when he was 20 how much money did he have at 24 oh wait 40,000 there you gohave at 24 oh wait 40,000 there you gohave at 24 oh wait 40,000 there you go and then and when he was 27 80,000
Otherand then and when he was 27 80,000and then and when he was 27 80,000 880,000 okay now880,000 okay now880,000 okay now Warren Buffett is how old now that's aWarren Buffett is how old now that's aWarren Buffett is how old now that's a hard one uh Warren Buffett was born inhard one uh Warren Buffett was born inhard one uh Warren Buffett was born in 1930 1930 30 he was born in1930 1930 30 he was born in1930 1930 30 he was born in 1930 so it's 70 years till 200000 yes1930 so it's 70 years till 200000 yes1930 so it's 70 years till 200000 yes and then another 24 years he is 94 yearsand then another 24 years he is 94 yearsand then another 24 years he is 94 years old he he's oh my he's 94 years old 9old he he's oh my he's 94 years old 9old he he's oh my he's 94 years old 9 his birthday Justin his birthday was onhis birthday Justin his birthday was onhis birthday Justin his birthday was on August 30thAugust 30thAugust 30th August next year next year on AugustAugust next year next year on AugustAugust next year next year on August 30th please send him a birthday30th please send him a birthday30th please send him a birthday card okay and tell him in the card Dearcard okay and tell him in the card Dearcard okay and tell him in the card Dear MrMrMr Buffett congratulations on becoming 95Buffett congratulations on becoming 95Buffett congratulations on becoming 95 years old okay and then you're alsoyears old okay and then you're alsoyears old okay and then you're also going to tell him in the card that yougoing to tell him in the card that yougoing to tell him in the card that you started doubling your money when youstarted doubling your money when youstarted doubling your money when you werewerewere 18 okay what is 95 5 -18 okay what is 95 5 -18 okay what is 95 5 - 18 9 you have a pen and paper you want18 9 you have a pen and paper you want18 9 you have a pen and paper you want you want to use a pen and paper what'syou want to use a pen and paper what'syou want to use a pen and paper what's 90 oh what's 9 yeah what's 95 minus90 oh what's 9 yeah what's 95 minus90 oh what's 9 yeah what's 95 minus 18 um 95 minus18 um 95 minus18 um 95 minus 18 so that wouldbebebe 77 77 okay now what is 77 divide by77 77 okay now what is 77 divide by77 77 okay now what is 77 divide by 3 77 ided 3 is3 77 ided 3 is3 77 ided 3 is so let's make it simple let's say it's 7so let's make it simple let's say it's 7
Otherso let's make it simple let's say it's 7 let's let's make it 78 okay we we knowlet's let's make it 78 okay we we knowlet's let's make it 78 okay we we know 75 divide by 3 is 25 well I think it's75 divide by 3 is 25 well I think it's75 divide by 3 is 25 well I think it's probably two and a half noprobably two and a half noprobably two and a half no 26 2626 2626 26 78 divide by 3 is78 divide by 3 is78 divide by 3 is 26 26 75 okay so what happened with Mr26 26 75 okay so what happened with Mr26 26 75 okay so what happened with Mr Buffett is he started with 10,000 at 18Buffett is he started with 10,000 at 18Buffett is he started with 10,000 at 18 every three years itevery three years itevery three years it doubled all the he didn't remove it hedoubled all the he didn't remove it hedoubled all the he didn't remove it he didn't remove it okay and so he has 2 todidn't remove it okay and so he has 2 todidn't remove it okay and so he has 2 to the power ofthe power ofthe power of 26 amount of dollars26 amount of dollars26 amount of dollars now okay 2 to the^now okay 2 to the^now okay 2 to the^ 26 okay now what is 2 to the^26 okay now what is 2 to the^26 okay now what is 2 to the^ 26 okay so let me give you a shortcut26 okay so let me give you a shortcut26 okay so let me give you a shortcut it's very important to know theseit's very important to know theseit's very important to know these shortcuts okay they won't teach you thisshortcuts okay they won't teach you thisshortcuts okay they won't teach you this in school so Justin wants to go to thein school so Justin wants to go to thein school so Justin wants to go to the next question but Justin will get to thenext question but Justin will get to thenext question but Justin will get to the next question in just a couple ofnext question in just a couple ofnext question in just a couple of minutes okay just hang in there hang inminutes okay just hang in there hang inminutes okay just hang in there hang in there with me I know you're gettingthere with me I know you're gettingthere with me I know you're getting bored okay just hang in there yeah sobored okay just hang in there yeah sobored okay just hang in there yeah so just so two to the power of 10 Kevin nojust so two to the power of 10 Kevin nojust so two to the power of 10 Kevin no let him do this thing it's okay 2^let him do this thing it's okay 2^let him do this thing it's okay 2^ 10 is
Other10 is10 is 1,24 you know how we did 1 2 4 8 16 321,24 you know how we did 1 2 4 8 16 321,24 you know how we did 1 2 4 8 16 32 64 128 256 51264 128 256 51264 128 256 512 1024 okay that's 2 to the power 10 now1024 okay that's 2 to the power 10 now1024 okay that's 2 to the power 10 now we're going to throw the 24 away becausewe're going to throw the 24 away becausewe're going to throw the 24 away because we want to make the math simple so 2^ 10we want to make the math simple so 2^ 10we want to make the math simple so 2^ 10 isisis 1,000 okay so 2^ of1,000 okay so 2^ of1,000 okay so 2^ of 26 is 2 ^ 10 * 2 ^ 10 * 2^26 is 2 ^ 10 * 2 ^ 10 * 2^26 is 2 ^ 10 * 2 ^ 10 * 2^ 6 so that would so it's6 so that would so it's6 so that would so it's 1,00 time 1,00 1,00 plus 1,000 no not1,00 time 1,00 1,00 plus 1,000 no not1,00 time 1,00 1,00 plus 1,000 no not plus 1,00 it's 1,00 times 1,000plus 1,00 it's 1,00 times 1,000plus 1,00 it's 1,00 times 1,000 okay it's 1,00 * 1,00 and 2 ^ 6 isokay it's 1,00 * 1,00 and 2 ^ 6 isokay it's 1,00 * 1,00 and 2 ^ 6 is 64 1 2 1 2 4 8 16 32 is 5 64 is 6 okay64 1 2 1 2 4 8 16 32 is 5 64 is 6 okay64 1 2 1 2 4 8 16 32 is 5 64 is 6 okay so it'sso it'sso it's 64 what's 1,00 *64 what's 1,00 *64 what's 1,00 * 1,000 1,00 * 1,000 would probably be um1,000 1,00 * 1,000 would probably be um1,000 1,00 * 1,000 would probably be um it's 1 million okayit's 1 million okayit's 1 million okay 1 million it's it's one with six zeros1 million it's it's one with six zeros1 million it's it's one with six zeros afterafterafter million okay it's one with six zerosmillion okay it's one with six zerosmillion okay it's one with six zeros after it okay it's 1after it okay it's 1after it okay it's 1 million and then if you multiply it bymillion and then if you multiply it bymillion and then if you multiply it by 64 6464 6464 64 million okay 64 million and then hemillion okay 64 million and then hemillion okay 64 million and then he didn't start with $1 if he started withdidn't start with $1 if he started withdidn't start with $1 if he started with $1 at 18 he would have 64 million when$1 at 18 he would have 64 million when$1 at 18 he would have 64 million when he was 96he was 96he was 96 okay but he started with$10,000$10,000$10,000 $10,000 at$10,000 at$10,000 at 96 is $64096 is $64096 is $640 billion wow okay so Mr Buffettbillion wow okay so Mr Buffettbillion wow okay so Mr Buffett understood when he
Questionerunderstood when he was younger than you Kevin that was younger than you Kevin that was younger than you Kevin that compounding is the eighth wonder of the compounding is the eighth wonder of the compounding is the eighth wonder of the world do you know about the seven world do you know about the seven world do you know about the seven wonders of the world world yes what are wonders of the world world yes what are wonders of the world world yes what are the Seven Wonders of the World give me the Seven Wonders of the World give me the Seven Wonders of the World give me one or two of the one or two of the one or two of the Wonders um the Eiffel Tower the Taj Wonders um the Eiffel Tower the Taj Wonders um the Eiffel Tower the Taj Mahal and the Statue of Mahal and the Statue of Mahal and the Statue of Liberty or like the Great Wall of China Liberty or like the Great Wall of China Liberty or like the Great Wall of China for example oh yes the Great Wall now for example oh yes the Great Wall now for example oh yes the Great Wall now what is the Eighth Wonder of the um compound the E wonder of the the um compound the E wonder of the the um compound the E wonder of the world just is world just is world just is compounding it's compounding it's compounding it's more it's more important than the other more it's more important than the other more it's more important than the other Seven Wonders Seven Wonders Seven Wonders so you know Mr Buffett understood two so you know Mr Buffett understood two so you know Mr Buffett understood two things he understood compounding very things he understood compounding very things he understood compounding very early and he understood that it's early and he understood that it's early and he understood that it's important to save the money and not important to save the money and not important to save the money and not spend it okay to save the money and not spend it okay to save the money and not spend it okay to save the money and not spend it okay and that's how he became spend it okay and that's how he became spend it okay and that's how he became the wealthiest person when he was 25 the wealthiest person when he was 25 the wealthiest person when he was 25 when he was 25 years old okay he only when he was 25 years old okay he only when he was 25 years old okay he only had maybe less than 50 60,000 with him had maybe less than 50 60,000 with him had maybe less than 50 60,000 with him not much money okay but he told his wife
Warrennot much money okay but he told his wife we're going to be we're going to be we're going to be millionaires we're going to be very millionaires we're going to be very millionaires we're going to be very wealthy because he knew about wealthy because he knew about wealthy because he knew about compounding and both of you and it came compounding and both of you and it came compounding and both of you and it came true both of you Kevin and true both of you Kevin and true both of you Kevin and Justin are going to be very Justin are going to be very Justin are going to be very wealthy do you know why because we know wealthy do you know why because we know wealthy do you know why because we know about compounding you know about about compounding you know about about compounding you know about compounding you're going to say save the compounding you're going to say save the compounding you're going to say save the money you're going to invest it you're money you're going to invest it you're money you're going to invest it you're going to keep it invested in good going to keep it invested in good going to keep it invested in good businesses and you'll become very businesses and you'll become very businesses and you'll become very wealthy so Justin what is your next wealthy so Justin what is your next wealthy so Justin what is your next question he exhausted all his questions question he exhausted all his questions question he exhausted all his questions that's it Justin okay so we're gonna ask that's it Justin okay so we're gonna ask that's it Justin okay so we're gonna ask we're gonna ask Kevin to ask a question we're gonna ask Kevin to ask a question we're gonna ask Kevin to ask a question go ahead Kevin how can we as young kids go ahead Kevin how can we as young kids go ahead Kevin how can we as young kids develop good financial habits early on develop good financial habits early on develop good financial habits early on and how did you teach your own kids and how did you teach your own kids and how did you teach your own kids about managing money I talked to them about managing money I talked to them about managing money I talked to them about the check about the check about the check story that I just talked to you story that I just talked to you story that I just talked to you about I talked to them about Mr Buffett about I talked to them about Mr Buffett about I talked to them about Mr Buffett with $10,000 at 18 oh and so how do you
Warrenwith $10,000 at 18 oh and so how do you get wealthy number one you spend less than you earn question okay so save up you save up you do part-time jobs you know you could do some babysitting cabin you could do some small jobs here and there and you could make some money okay and then when you make the money you don't spend it all it's okay to spend some of it but you save some of it and then you don't just save it and put it in a bank you buy stocks that you know are good stocks and then you are patient and hold those stocks for a long time and if you are getting 10% a year it'll double every seven years if you're getting 20% a year it'll double every three and a half years so in your life so Kevin you're 10 years old right yes how old will you be when you die I don't really know
Questionerthat c can I tell you when I'm going to die when I'm going to die on June 11th
Otherdie when I'm going to die on June 11thdie when I'm going to die on June 11th 2054 okay how many years from now is2054 okay how many years from now is2054 okay how many years from now is that it's 2024 now how many years fromthat it's 2024 now how many years fromthat it's 2024 now how many years from now am I going tonow am I going tonow am I going to die 30 years 30 years okay and how do Idie 30 years 30 years okay and how do Idie 30 years 30 years okay and how do I know I'm going to die on June 11 2054 Iknow I'm going to die on June 11 2054 Iknow I'm going to die on June 11 2054 I don'tdon'tdon't know because if you ask Godknow because if you ask Godknow because if you ask God Google God Google has all theGoogle God Google has all theGoogle God Google has all the answers so you go you go on God Googleanswers so you go you go on God Googleanswers so you go you go on God Google and say God Googleand say God Googleand say God Google monish pabra is 60 yearsmonish pabra is 60 yearsmonish pabra is 60 years old okay please tell me when he's goingold okay please tell me when he's goingold okay please tell me when he's going tototo die and God Google is going to tell youdie and God Google is going to tell youdie and God Google is going to tell you Mr pabra is going to die in the yearMr pabra is going to die in the yearMr pabra is going to die in the year 2054 okay and you know they2054 okay and you know they2054 okay and you know they they they yeah you can ask Googlethey they yeah you can ask Googlethey they yeah you can ask Google anything you know thatanything you know thatanything you know that right you can ask him anything right Iright you can ask him anything right Iright you can ask him anything right I mean Justin do you ask Google things youmean Justin do you ask Google things youmean Justin do you ask Google things you go on Google and ask ask somego on Google and ask ask somego on Google and ask ask some things ask them when Mr pabra is goingthings ask them when Mr pabra is goingthings ask them when Mr pabra is going to die he's 60 years old right now nowto die he's 60 years old right now nowto die he's 60 years old right now now for both of you because you are muchfor both of you because you are muchfor both of you because you are much younger than me and because medicine isyounger than me and because medicine isyounger than me and because medicine is going to become so
Questionergoing to become so Advanced you're going to both live over a 100 years okay well that sounds nice and you know what's the advantage of living more than 100 years you see a century no you get to compound for a long time oh yeah that's true you know why Mr Buffett is alive at 94 you know Mr Buffett Mr Buffett doesn't want to die you know why he doesn't do you know why he doesn't want to die he wants to keep compounding he wants three more years so he can double it one more time then another three years to double how old was Charlie manger when he died I Charlie Monger was 99.9 years old 99.9 so at the ending of the 100th year his his birthday was January 1st 1924 he was born on New Year's Day so basically it's very important to live for a long time why is it important Justin to live for a long time because because why compounding what you know Kevin life on Earth is going to get
QuestionerKevin life on Earth is going to get boring when you're 90 years old but it will not be boring if you are compounding okay if you're not compounding you'll be very bored when you're 90 are you going to be bored when you're 90 no okay what are you going to be doing when you're 90
Questionercompounding exactly I tell my friends I only need this part of my body to work when I'm 90 only this part why do I need only this part to work but but how are you going to grab stuff because this is the only part needed for compounding the rest of the body is not needed
Questionerright that's true that's that's very true when he died Mr manga was on a wheelchair did it stop him from compounding to be in a wheelchair can he play basketball no
Questionerexactly so don't become a basketball player because then you will not be able to do what you love
Otheryou will not be able to do what you love when you're 90 years old
Otherokay so Justin it's really important to have something that you enjoy when you're 90 all right let's go to your next question
QuestionerKevin okay um if I'm just starting out and want to grow as an investor what step by step process would you recommend how should I begin and what key areas should I focus on as I improve my investing skills over time okay that's a very good question
OtherKevin so you guys own Disney you own Google I own I own Google you own Nvidia yeah you own Microsoft yes you own Facebook yes what else do you own both of us own Nintendo Nintendo good Roblox Roblox okay good so you're already doing things correctly because you bought companies whose products you are familiar with yes and we also bought like Facebook and Microsoft I mean not Microsoft um we bought Facebook and Google like they
Questionerbought Facebook and Google like they were pretty cheap when we bought them they're like they were still in yeah that's good but but again those are those are companies whose products you use you use Facebook and you use Google and you use Microsoft products right yes so you can the first step to being a successful investor is you should only buy things that you understand if you don't understand something then why buy it exactly but a lot of people buy things because somebody tells them to buy it don't do that so now the second step that's kind of like um Mr um for that's kind of like demonstrating um soci social optimism like I read in the um Charlie poor Charlie's Almanac yes that's good that's a great book so you need to buy what you are familiar with products that you use and things like that which is what you're already doing which is great the
Otheryou're already doing which is great the Second Step which you will get to in a few years is to understand in detail how the company makes money okay how does Google make money um it makes money by uh it makes money by um giving multiple Services yeah but the main money Google makes is from advertising right so when you do a search and those search results come back the first few results are sponsored you you know that the first few are like ads so those companies have paid Google so let's say for example you're shopping for the best video game and you go on Google and say which is the best video game to play okay the first few results will be companies who want to sell you video games and they have paid Google to come in the beginning okay so that's how Google makes money so the next thing you have to understand is all the comp you
Questionerhave to understand is all the comp you own how they makeown how they makeown how they make money okay and also how much money theymoney okay and also how much money theymoney okay and also how much money they make so when you run a search on Googlemake so when you run a search on Googlemake so when you run a search on Google let's say you run a search for whichlet's say you run a search for whichlet's say you run a search for which video game should I buy Google gets paidvideo game should I buy Google gets paidvideo game should I buy Google gets paid maybe five to $10 by those companies tomaybe five to $10 by those companies tomaybe five to $10 by those companies to show you their name $5 or something toshow you their name $5 or something toshow you their name $5 or something to show you their name okay what isshow you their name okay what isshow you their name okay what is Google's cost on that what is Google'sGoogle's cost on that what is Google'sGoogle's cost on that what is Google's cost to run acost to run acost to run a search um like I don't know it's closesearch um like I don't know it's closesearch um like I don't know it's close tototo zero close to zero it's so it's it'szero close to zero it's so it's it'szero close to zero it's so it's it's just digital things right it's just it'sjust digital things right it's just it'sjust digital things right it's just it's a computer that was used for 100 to onea computer that was used for 100 to onea computer that was used for 100 to one second right if you have a laptop thatsecond right if you have a laptop thatsecond right if you have a laptop that you bought foryou bought foryou bought for $500 okay what is the cost of using that$500 okay what is the cost of using that$500 okay what is the cost of using that laptop for one secondnothing not even onenothing not even onenothing not even one cent right so that's how Google makescent right so that's how Google makescent right so that's how Google makes you haven't even done anything on yesyou haven't even done anything on yesyou haven't even done anything on yes exactly so basically first you buy whatexactly so basically first you buy whatexactly so basically first you buy what you understand then you understand howyou understand then you understand howyou understand then you understand how the company makes money and then youthe company makes money and then you
Questionerthe company makes money and then you understand how much money they make andunderstand how much money they make andunderstand how much money they make and all these things will help you become aall these things will help you become aall these things will help you become a better investor all right thank you umbetter investor all right thank you umbetter investor all right thank you um my next question is what inspired you tomy next question is what inspired you tomy next question is what inspired you to start investing and how did you achievestart investing and how did you achievestart investing and how did you achieve your first major success please take usyour first major success please take usyour first major success please take us through your journey and keythrough your journey and keythrough your journey and key momentsmomentsmoments
Otherso I got interested inso I got interested inso I got interested in investing because of the story ofinvesting because of the story ofinvesting because of the story of compounding because of Mr Buffett'scompounding because of Mr Buffett'scompounding because of Mr Buffett's story ofstory ofstory of compounding and I realized that if youcompounding and I realized that if youcompounding and I realized that if you get some return decent double- digitget some return decent double- digitget some return decent double- digit return every year maybe compounding isreturn every year maybe compounding isreturn every year maybe compounding is like the 81 the world we already talkedlike the 81 the world we already talkedlike the 81 the world we already talked about it and so it would the money wouldabout it and so it would the money wouldabout it and so it would the money would grow a lot right and so that's what megrow a lot right and so that's what megrow a lot right and so that's what me interested in in investing I theninterested in in investing I theninterested in in investing I then started to just like you guys except Istarted to just like you guys except Istarted to just like you guys except I started muchstarted muchstarted much later you guys started investing whenlater you guys started investing whenlater you guys started investing when you were six or seven years old or fouryou were six or seven years old or fouryou were six or seven years old or four yearsyearsyears old I startedold I startedold I started investing when I was 30 years old
Questionerinvesting when I was 30 years old so I already lost so many years you have a 24 year Head Start 26 year head start on me which is great and you'll live longer than me so you can compound more and you started earlier both are big advantages and uh basically I started to study businesses and look at businesses that I thought would do well over time and I could make money on and I just kept going and doing that and then you end up with more money than you can spend then I started daksha so I can start giving the money away so now I'm playing two games one game is making the money and one game is giving the money so like you make you give you make you give that yeah Kevin let's do one last question what's your last question I have another question does having I knowledge help you like in your business you had a it business did that knowledge
Questioneryou had a it business did that knowledge of that business help you all knowledge of that business help you all knowledge of that business help you all knowledge
Otheris going to help if you learn about is going to help if you learn about is going to help if you learn about how electricity is produced for how electricity is produced for how electricity is produced for example you're going to find that useful example you're going to find that useful example you're going to find that useful if you learn about how a steam engine if you learn about how a steam engine if you learn about how a steam engine works how a airplane Works how a rocket works how a airplane Works how a rocket works how a airplane Works how a rocket Works how a electric car Works how Works how a electric car Works how Works how a electric car Works how television works all those things are television works all those things are television works all those things are going to help you so one of the things going to help you so one of the things going to help you so one of the things that Charlie Munger used to talk about that Charlie Munger used to talk about that Charlie Munger used to talk about is that we should learn many different is that we should learn many different is that we should learn many different disciplines disciplines disciplines we should know a little bit about almost we should know a little bit about almost we should know a little bit about almost everything so we know how the world everything so we know how the world everything so we know how the world works why are there earthquakes on why works why are there earthquakes on why works why are there earthquakes on why are they volcanoes on Earth and if you are they volcanoes on Earth and if you are they volcanoes on Earth and if you are curious and you learn and understand are curious and you learn and understand are curious and you learn and understand these things you will actually become a these things you will actually become a these things you will actually become a better investor because different things better investor because different things better investor because different things come into play to so it can help you but come into play to so it can help you but come into play to so it can help you but many other things can help you as well many other things can help you as well many other things can help you as well
QuestionerKevin it was a wonderful pleasure Kevin it was a wonderful pleasure
OtherKevin it was a wonderful pleasure talking to you and Justin talking to you and Justin talking to you and Justin and thanks for taking the time thank you and thanks for taking the time thank you and thanks for taking the time thank you thank you for taking the time since we have like a the last um eight minutes have like a the last um eight minutes have like a the last um eight minutes can I ask you can I ask you can I ask you two questions yeah yeah go ahead who has two questions yeah yeah go ahead who has two questions yeah yeah go ahead who has been your biggest mentors and how did been your biggest mentors and how did been your biggest mentors and how did each one of them influence each one of them influence each one of them influence you well the the two people who had a you well the the two people who had a you well the the two people who had a big influence on my life so first of big influence on my life so first of big influence on my life so first of all usually for most humans the most all usually for most humans the most all usually for most humans the most influential people are going to be your influential people are going to be your influential people are going to be your parents okay after that for me it was parents okay after that for me it was parents okay after that for me it was Warren and Warren and Warren and Charlie okay they were great Heroes and Charlie okay they were great Heroes and Charlie okay they were great Heroes and mentors to have next mentors to have next mentors to have next question um actually I have two more question um actually I have two more question um actually I have two more questions go ahe this one and one more questions go ahe this one and one more questions go ahe this one and one more and then um then we'll see so what's the and then um then we'll see so what's the and then um then we'll see so what's the best way for someone to find a great best way for someone to find a great best way for someone to find a great mentor and what should we look for in mentor and what should we look for in mentor and what should we look for in that person Charlie manger used to say that person Charlie manger used to say that person Charlie manger used to say that when you look for a mentor don't that when you look for a mentor don't that when you look for a mentor don't only look for people who are
Questioneronly look for people who are alive the best mentors are what he called the eminent dead like um Benjamin Franklin yes yes so people in the past who have lived in the past they have left us their writings like Charlie Munger now is part of the eminent dead right and so we do not we do not need mentors to be in person or alive or anything in fact the eminent dead are probably the best mentors because they are the best that best humans that ever lived so we like manger used to say we should make friends with the eminent dead yes and my last question is we are at the beginning of our journey and what advice would you give us the biggest
Otheradvice I would say is that always try to do things that you are passionate and excited about okay things that you truly love to do if you do things that you truly love to do you can do them very
Othertruly love to do you can do them very well and you will do really well atwell and you will do really well atwell and you will do really well at those thingsthose thingsthose things so figure out what you really love doingso figure out what you really love doingso figure out what you really love doing if you like investing waren Buffett wasif you like investing waren Buffett wasif you like investing waren Buffett was very interested in investing he did allvery interested in investing he did allvery interested in investing he did all his jobs different jobs deliveringhis jobs different jobs deliveringhis jobs different jobs delivering newspapers and all that so that he hadnewspapers and all that so that he hadnewspapers and all that so that he had the money to invest right if that isthe money to invest right if that isthe money to invest right if that is your calling and that's what you want toyour calling and that's what you want toyour calling and that's what you want to focus on that's great if it's somethingfocus on that's great if it's somethingfocus on that's great if it's something else then that's great as well to endelse then that's great as well to endelse then that's great as well to end this conversation I want to end it withthis conversation I want to end it withthis conversation I want to end it with something that um I would like Justin tosomething that um I would like Justin tosomething that um I would like Justin to say go ahead Justin we're the top threesay go ahead Justin we're the top threesay go ahead Justin we're the top three in investors investors andin investors investors andin investors investors and entrepreneurs you think we should youentrepreneurs you think we should youentrepreneurs you think we should you think we should definitely meetthink we should definitely meetthink we should definitely meet definitely meet and why anddefinitely meet and why anddefinitely meet and why and why well like I said I thinkwhy well like I said I thinkwhy well like I said I think that you can gain a lot whether you meetthat you can gain a lot whether you meetthat you can gain a lot whether you meet them or not so I was lucky that I wasthem or not so I was lucky that I wasthem or not so I was lucky that I was able to meet Warren Buffett and Charlieable to meet Warren Buffett and Charlieable to meet Warren Buffett and Charlie manga they became friends
Questionermanga they became friends but I was they were mentors to me much before that and if I had never met them I still would have had a lot of learning and growth from them so the best I would say the best entrepreneurs are people like Jeff Bezos or Bill Gates some of the companies you own you know the the Mark Zuckerberg and uh some of the best investors are like Warren Buffett and Charlie Munger Jim Simon who ran Renaissance and so on so these These are and again if you're looking for a list God Google can help you with that also
Otherthat was a great list where so glad you took the name of Warren Buffett unfortunately we can never meet Mr Charlie mner you have poor Charli's Almanac yeah yeah yeah that's that's better than meeting Mr M and you can come next year to Omaha and see Mr Buffett you can come to the bushire annual meeting in May yeah
Warrenthe bushire annual meeting in May yeah that would be a really great umthat would be a really great umthat would be a really great um experience I hope I hope both of youexperience I hope I hope both of youexperience I hope I hope both of you come next year tell your parents to buycome next year tell your parents to buycome next year tell your parents to buy the tickets now okay
Warrenum we had a great time with thisum we had a great time with thisum we had a great time with this experience and we hope you had a goodexperience and we hope you had a goodexperience and we hope you had a good time too it was a lot of fun for metime too it was a lot of fun for metime too it was a lot of fun for me thank you so much thank you Justin Ithank you so much thank you Justin Ithank you so much thank you Justin I hope you enjoyed it sometimes my answershope you enjoyed it sometimes my answershope you enjoyed it sometimes my answers are really long Justin so I'm sorryare really long Justin so I'm sorryare really long Justin so I'm sorry about
Questionerabout
Warrenthat that's you know how my answersthat that's you know how my answersthat that's you know how my answers going on and on andgoing on and on andgoing on and on and on that's okay right Justin don't sellon that's okay right Justin don't sellon that's okay right Justin don't sell the stocks you have okay keep themthe stocks you have okay keep themthe stocks you have okay keep them all okay okay all right we hope to meetall okay okay all right we hope to meetall okay okay all right we hope to meet you in person someday goodbye if youyou in person someday goodbye if youyou in person someday goodbye if you come to Omaha I'll be there oh okay youcome to Omaha I'll be there oh okay youcome to Omaha I'll be there oh okay you can come to Omaha you'll meetcan come to Omaha you'll meetcan come to Omaha you'll meet everybody okay thank you all right we'lleverybody okay thank you all right we'lleverybody okay thank you all right we'll see you thank you so much thank you sosee you thank you so much thank you sosee you thank you so much thank you so much thank you so muchmuch thank you so muchmuch thank you so much
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