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Does It Pay to be Greedy?

It’s okay to be stupid if you’re not greedy. It’s okay to be greedy if you’re not stupid. But it’s never okay to be greedy and stupid.

George said that’s why he’s never been greedy. A man has to no his limitations!


Bridge over troubled waters

But greed is a bit like confidence and cockiness. Picture a bridge … on this side of the water, we’re confident. But cross the bridge and we’re cocky. We adore confidence; we despise cockiness. And this bridge between the two can be very short. Of course, some people go way over to the other side. 

That’s also true with greed. There’s a short bridge between ambition and greed. It pays to get right up to the bridge … that’s where you’ll find bigg success.

But don’t go over it … that’s where mistakes are made.

This applies to our businesses, our careers, and our personal finances. If your goal is to achieve bigg things, you have to think and dream bigg.

But don’t cross the bridge, because greed is like a drug. Once a person starts, it’s hard to stop. Once they’re in deep, they start to do stupid things because they have to feed the addiction … the greed.

In this context, stupid means that someone isn’t thinking logically. They’re letting emotions rule the day, not making decisions based on the facts. They start thinking like a gambler, just rolling the dice and hoping for the best. 

A recent example

A great example is the most recent real estate boom. George has a friend who invests in real estate. During the boom, George saw some market data about returns on real estate investments. He didn’t think it made sense because the returns were projected at a lower rate than the known cost. So George asked his friend about it. His friend had an explanation that still didn’t make sense. They went around a few times. Finally George’s friend said that you had to count on someone being a bigger sucker than you (those are George’s words), but his friend confirmed it.

Look at what’s happened – a lot of people have lost small (even large) fortunes because of untimely real estate investments. We know the rest of the story. It all came crashing down.

What Warren Buffett says about greed

We’ve said that it’s okay to be ambitious, but don’t be greedy. But it appears that Warren Buffett may disagree with us. Warren Buffett, of course, is the great investor and chairman of Berkshire Hathaway. He says,

“Be fearful when others are greedy and greedy when others are fearful.”

So, according to Warren Buffett, there are times when it pays to be greedy. And apparently it pays well because he’s built his career (and his fortune) on being greedy when others were fearful. 

So we say it’s okay to be ambitious, but don’t be greedy. Warren Buffett says you should be greedy when others are afraid.

What do you think … does it pay to be greedy? Leave a Comment to share your opinion.

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The Billionaire and the Batboy: What Warren Buffett Learned from Eddie Bennett 

(Image by 100 $)

The Billionaire and the Batboy: What Warren Buffett Learned from Eddie Bennett

Warren Buffett, the great investor who is the chairman of Berkshire Hathaway and now the richest person in the world according to Forbes, told a story about a batboy in Berkshire Hathaway’s 2002 annual report.

The batboy was Eddie Bennett, who was 19 years old in 1919. He began his career with the Chicago White Sox, who went to the World Series that year.

The next year, Eddie moved to the Brooklyn Dodgers. He had the Midas touch. They also won their league title that year. Two in a row for Eddie.

But once again, Eddie saw a better opportunity. So he joined the Yankees in 1921. They won their first pennant ever. Eddie knew he was in the right place so he stayed put. The Yankees won five American League titles in the next seven seasons. 

What did this mean to Eddie? He made as much during the World Series as he made all year. So by choosing the right team with whom to associate, he doubled his income.

And he became perhaps the best known batboy in baseball history.

5 lessons Eddie Bennett teaches us

#1 – Sometimes it pays to switch teams.
If you’re with a team that doesn’t look like a bigg winner, and you see a better one, then go for it!

#2 – Don’t have a scarcity mentality.

People who think like this can’t work with others because they don’t think there’s enough to share. Eddie shows us that we may actually make more money BY working with others than we could on our own.

#3 – You don’t have to be the star to be a star.

Eddie became famous in his own right. He’s written about just like Babe Ruth and Lou Gehrig. In fact, he’s the first of that great trio that we’ve blogged about!

#4 – Every job is important.

A supporting role is just as important as the starring role. Eddie knew his place and the importance of what he did. He knew that if he did a good job in his role, other people would thrive in theirs. And he would reap the benefits along with them!

#5 – He had a passion for what he did.
The fans knew it and the players knew it. They respected him for the role that he played. It’s reported that Eddie and Babe Ruth became good friends because they were both at the top of their game.

What Warren Buffett learned from Eddie

In the annual report we referenced earlier, Warren Buffett describes himself as the batboy for Berkshire Hathaway. He turns the heavy-hitting over to the leaders of the businesses in which he invests. He plays a supporting role so they can step up to the plate and hit home runs.

It’s a lesson in management and leadership – give your people the tools they need when they need them and watch them succeed bigg!
 

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We thought it only fitting for our bigg quote today to come from Warren Buffett.

“To be a winner, work with winners.”

Otherwise, you risk striking out!

Next time, we’ll discuss tips for spotting your bigg opportunity. Until then, here’s to your bigg success!

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(Image by kelp,CC 2.0)