10 Business Philosophy Billionaire Trump Disagreed With Billionaire Buffett

Both are billionaires but it seems Donald Trump and Warren Buffett have huge gap of differences. In fact, both American billionaires couldn’t see eye to eye, so much so that it would be easier to get Trump and Putin play Pokémon Go together than to get Trump and Buffett have a coffee break.

 

Buffett, the founder of Berkshire Hathaway Inc., launched his fiercest attack on Trump as recent as early of this month. The 85-year-old Oracle of Omaha is one of many American billionaires who endorse Hillary Clinton’s presidency. “I ask Donald Trump – ‘Have you no sense of decency, sir?’” Buffett, the fourth-richest man in the world, said during his recent attack.

Of course, Buffett was criticizing Trump’s war of words with the family of a Muslim American soldier who was killed in action. He took exception to Trump’s claim that he, like the family of Army Captain Humayun Khan, had made sacrifices. Donald Trump shrugged off criticism from Warren Buffett by simply saying – “I don’t care much about Warren Buffett.”

 

But it’s not only about politics which both billionaires were throwing punches at each other. Well, actually it was Buffett who threw punches in his attempt to help Clinton while Trump was busy attacking Clinton as polls showed his rating is slipping away. Besides political belief, both Trump and Buffett have very different business philosophy.

 

 

{ 1 } About Wealth

• “You have to be wealthy in order to be great, I’m sorry to say” – Donald Trump, 26 May 2016
• “Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.” – Warren Buffett

 

 

{ 2 } About Reputation

• “In the second grade, I actually gave a teacher a black eye – I punched my music teacher because I didn’t think he knew about music and I almost got expelled.” – Donald Trump (The Art of the Deal, page 71)
• “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett

 

 

{ 3 } About Debt

• “Leverage: don’t make deals without it.” – Donald Trump (The Art of the Deal, page 54)
• “I’ve seen more people fail because of liquor and leverage – leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.” – Warren Buffett

 

 

{ 4 } About Work

• “I try not to schedule too many meetings, I leave my door open. I prefer to come to work each day and just see what develops. There’s rarely a day with fewer than fifty calls, and often it runs to over a hundred. In between, I have at least a dozen meetings. The majority occur on the spur of the moment, and few of them last longer than fifteen minutes.” – Donald Trump (The Art of the Deal, page 2)
• “I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business.” – Warren Buffett

 

 

{ 5 } About Employees / Staffs

• “My project manager was one of the greatest bullshit artists I’ve ever met, but in addition to being a very slick salesman, he was also an amazing manager…the problem was that he wasn’t the most trustworthy guy in the world.” – Donald Trump (The Art of the Deal, page 85)
• “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without integrity, you really want them to be dumb and lazy.” – Warren Buffett

 

 

{ 6 } About Options

• “I keep a lot of balls in the air, because most deals fall out, no matter how promising they seem at first.” – Donald Trump (The Art of the Deal, page 50)
• “The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffett

 

 

{ 7 } About Friends

• “I don’t kid myself about Roy [Cohn]. He was no Boy Scout. He once told me he’d spent more than two thirds under indictment on one charge or another. I said to him, “Roy, just tell me one thing. Did you really do all that stuff.” He looked at me and smiled. “What the hell do you think?” he said. I never really knew.” – Donald Trump on Roy Cohn, Nixon’s legendary fixer (The Art of the Deal, page 100)
• “It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction.”– Warren Buffett

 

 

{ 8 } About Losing

• “I’m not saying I would have a won, but if I went down, it would have been kicking and screaming. That’s just my makeup. I fight when I feel I’m getting screwed, even if it’s costly and difficult and highly risky.” – Donald Trump (The Art of the Deal, page 236)
• “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” – Warren Buffett

 

 

{ 9 } About Honesty

• “The Holiday Inn was attracted to my site because they believed my construction was farther along than that of any other potential partner. In reality, I wasn’t that far along, but I did everything I could short of going to work at the site myself, to assure them that the casino was practically finished. My leverage came from confirming an impression they were already predisposed to believe.” – Donald Trump (The Art of the Deal, page 54)
• “Honesty is a very expensive gift; don’t expect it from cheap people.” – Warren Buffett

 

 

{ 10 } About Deal Making

• “My style of deal-making is quite simple and straightforward. I aim very high, and then I just keep pushing and pushing to get what I’m after. Sometime I settle for less than I sought, but in most cases I still end up with what I want.” – Donald Trump (The Art of the Deal, page 45)
• “I don’t look to jump over seven-foot bars. I look around for one-foot bars that I can step over.” – Warren Buffett

 

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from FinanceTwitter http://www.financetwitter.com/2016/08/ten-business-philosophy-billionaire-donald-trump-disagreed-with-billionaire-warren-buffett.html