According to Bill Gates, his great friend, Warren Buffett, “thinks differently about almost everything.” Known as the “Oracle of Omaha” Buffett is considered one of the most successful investors in history. Berkshire Hathaway’s alma mater runs more than 60 businesses, including battery maker Duracell, insurance company Geico, and restaurant chain and sale of Dairy Queen ice cream (DQ), with presence in more than 20 countries. It is with this last company, which Bill Gates uses it to explain Buffett’s “backward philosophy.”
One of the most popular menus at DQ is the ‘Blizzard’a soft and creamy ice cream mixed with cookies, brownies or candy, whose peculiarity is that it is served upside down, according to a BBC publication. “It’s an amazing piece of fast food art that shows that each ingredient is so thick it will defy gravity,” Gates described.
According to the founder of Microsoft, Warren Buffett’s “backwards” way of thinking honors the dessert Blizzard from the Dairy Queen fast food chain.
“Thinking differently and celebrating a philosophy backwards is the DQ system”defined one of the executives of the company and Gates opined that the same could be said of its owner whom he defines as a “genius”.
According to Microsoft co-founder Buffett “Think differently, in almost everything”. “For starters, he attributes his incredible success to something anyone could do: ‘I just sit in my office and read all day.'”
Gates also called Buffett one of the most patient men he knows. “In an age when instant gratification is desired in all aspects of life, Warren is one of the most patient people I know, willing to wait for the results she desires,” he wrote. “As he once said: ‘Someone is sitting in the shade today because someone else planted a tree a long time ago'”Gates added on his blog.
It is even known that Warren Buffett’s diet is contrary to all nutritional recommendations that a 92-year-old man could receive since he consumes several bottles of cola and eats junk food on a daily basis. “Even his diet is weirdly backwards. Instead of ending his day with dessert, this is how he likes to start it. He includes Oreos and ice cream in his breakfast!” Gates noted.
He is not always right, but he admits it
Despite the fact that Buffett is a benchmark among global investors whose advice is usually highly valued in financial circles, he is not always correct in his decisions. AND he has no shame in admitting when he is wrong. “I was wrong with Google and Amazon. I made bad decisions,” he said at the 2018 Berkshire Hathaway meeting. “I think that what Jeff Bezos has done is something close to a miracle,” he defined.
He also acknowledged that it took financial decisions based on emotions that cost him several millions. Buffett bought Berkshire Hathaway in 1962 when it was a failing textile firm and he put up more money. When he thought he was being scammed, he took control of the firm, fired the managers, and tried to keep the business going for another 20 years.
The billionaire said that decision, based on his emotions rather than reason, “It was a mistake of 200,000 million”. However, several analysts consider Buffett’s move with Berkshire Hathaway to be one of the most successful investment deals in recent years.
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What Warren Buffett’s “backwards philosophy” is about and how it can lead you to success, explained by Bill Gates