Cosby and Kodak - The Monday Morning Memo

https://youtu.be/mTqCgDL4pYQ

“People say idiotic things that have a glimmer of truth in them. Two of the most popular are, ‘Work smarter, not harder,’ and, ‘Don’t work for your money, make your money work for you.’

‘Work smarter, not harder?”

You might be smarter, but I work harder, and that’s how I’m going to kick your ass, you pompous, lazy, self-deluded snob.

People who, ‘don’t work for their money, but make their money work for them,’ are called investors. We know of geniuses like Warren Buffett and Charlie Munger because investors like them are extremely rare. Most investors are up and down like a blackjack player in Las Vegas. They love to boast about the fat stack they made on an investment, but when they give it all back plus more, they rarely mention that.

Investors are people who try to make their money work for them. Some investors consistently stay ahead of the game. Most cannot, and do not. Employees work for their money. Self-employed people work for their money as well. A self-employed person is a business owner with one key employee; themself. The owner of a real business employs lots of smart that work for his benefit and their own.

If you are going to be an investor, invest in a business that you own. Employ good people, pay them well and treat them right. And they will make your money for you.”

- Roy H. Williams

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