Lessons from the week (18 Nov 2023)

The Warren Buffett Snicker Story

The Psychology of Money is one of the best books I have read so when I heard Morgan Housel on a new podcast, I tuned in. I took notes on money, psychology and raising kids. How do you raise kids that aren't spoiled brats? Give them less money! But the first story at the very beginning of the conversation is what I am sharing with you below. It is also what made me buy Morgan's next book Same As Ever, so look out for my synopsis in the near future.

The Warren Buffett Snicker Story
In 2009 during the peak of the great recession, when the economy was in pieces, the CEO of a large public company was driving around Omaha with Warren Buffett. The whole country was in tatters. They were driving past closed shops.

CEO to Buffett: Warren how are we going to pull out of this? The country is never going to be the same after this.

Buffett to CEO: Do you know what the best selling candy bar was in 1962?

CEO to Buffett: No.

Buffett to CEO: Snickers. Do you know what the best selling candy bar is today?

CEO to Buffett: No.

Buffett to CEO: Snickers.

And that was the end of the conversation. That was his answer to - "is the country ever going to be the same?" If you look at Warren Buffett's success, he has been betting on things which stay the same forever.

What can you bet on that will be the same forever?

*Morgan Housel — Contrarian Money and Writing Advice, Three Simple Goals to Guide Your Life, and More

Harsh Batra
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