Lessons from Warren Buffett – CBS News

If anyone is a legend of modern commerce, it’s almost certainly Warren Buffet, worth an estimated $78 billion, give or take So what’s he REALLY like? Jane Pauley decided to do lunch:

“Fine dining in Omaha — this is it!” laughed Warren Buffett.

If you should be lucky enough to be invited to lunch by a billionaire investor, add a shake to your burger and fries. “Stick with me Jane, your eating habits will go downhill fast!” Buffett said.

This is Buffett’s secret to a long and happy life: “If I want to live a long time, I should keep eating like a 6-year-old, which I do!”

Warren Buffett with “Sunday Morning” host Jane Pauley dine out in Omaha. 

CBS News

And here’s another: “The big thing is, if you’re working at something you love, that has to add a lot more years to your life than doing a few extra sit-ups, as far as I’m concerned.”

“You’ve had some stomach-churning days,” said Pauley.

“Not very many. If the market is falling or something like that, that’s opportunity for us. So the stock market has never caused my stomach to churn.”

The stock market has been Buffett’s playground, as chairman, president and CEO of Berkshire Hathaway. In 1970 Berkshire Hathaway began trading at $40 a share.

And today? “Well, probably around $270,000, someplace in that, per share,” he said.

Buffett’s current net worth: $83 billion.

Warren Buffett, the chairman of the board, president, and CEO of Berkshire Hathaway.

CBS News

Considered by many to be the greatest investor of all time, he says it’s not rocket science: “I tell the students, ‘If you’ve got 150 IQ and you’re in my business, go sell 20 or 30 points to somebody else, ’cause you really don’t need it,” he said. “You need emotional stability. You need to be able to detach yourself from fear or greed, when that prevails in the market. You’ve gotta be able to come to your own opinions and ignore other people. But you don’t need a lot of brains.”

It’s like baseball, he says: “I get to stand there with a bat on my shoulder, and I wait for a fat pitch,” he said. And if the pitcher’s throwing ’em high and outside, I just keep waiting and waiting and waiting.”

“But in the meantime, you’ve got a stadium full of people watching,” Pauley said.

“Yeah. And sometimes they say, ‘Swing, you bum!'”

“And if you swing and you miss, it’s a headline.”

“Yeah, well, I’ll have a few…

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