‘DON’T DO COCAINE’ "At the 2004 Berkshire Hathaway annual meeting, a young shareholder once asked Buffett how to succeed in life. After Buffett shared his thoughts, Charlie chimed in: “Don’t do cocaine. Don’t race trains. And avoid AIDS situations.” Many would dismiss his seemingly flippant answer as merely humorous (which it certainly was), but in fact it also faithfully reflected both his general views on avoiding trouble in life and his particular method for avoiding missteps in investing.  Often, as in this case, Charlie generally focused first on what to avoid—that is, on what not to do—before he considered the affirmative steps he would take in a given situation. “All I want to know is where I’m going to die, so I’ll never go there” was one of his favorite quips. In business, as in life, Charlie gained enormous advantage by summarily eliminating the unpromising portions of the chessboard, freeing his time and attention for the more productive regions. Charlie strived to reduce complex situations to their most basic, unemotional fundamentals" https://lnkd.in/e9HsT4qA