37:25—39:04· 100s
2
Speaker A“in this partnership. They buy 6 shares for $38 a share, and immediately the stock goes down to $27 a share. So not an auspicious beginning. Doris is like freaking out about this, and Warren feels horrible. It's like eating him up. So the stock does recover to $40 a share, and Warren just unloads it. He's like, great, get the money back, give Doris her money back. But it keeps going. Like, pretty quickly, the stock goes to over $200 a share. But Warren had already unloaded. Speaker BThis is like me and Bitcoin in 2015. Speaker AYeah. Speaker BLike, this is exactly what it's like. Speaker A10-year-old Warren. If only— Ben, if only you'd learned these lessons at age 10. Speaker BAh, blew it. Speaker ASo I'd say the incident makes an impression on him. He says he learns 3 lessons from this. I think he actually only learns 1. But the first that he says he learns is, Don't fixate on the price you paid for something, it's irrelevant. The second is don't rush to grab a small profit, stay focused on the big long-term wins. The irony is he would violate rules 1 and 2 like many, many, many times until he was about 40 years old. So, uh, as we shall see. But the third lesson he does learn, which is that you can't control other people's emotions around money. So if you're gonna take money from anybody you need to make sure, one, that you're not gonna lose it. Speaker BAnd he's talking about his sister here. Speaker AHe's talking about his sister. Yep. And two, that you need to do something to manage their emotions or their ability to affect you so that they don't freak out and cause you to do uneconomic things. You know, Warren”