NEW YORK (
) -- If you want to be successful, you've got to build moats around yourself like
, according to
Jay-Z is successful despite being past his prime by music industry standards because he is "building moats all the time," said Buffett in an hour-long interview the legendary investor and music mogul did with
Buffett is known for choosing businesses that have an economic moat -- a unique competitive advantage that is difficult to mimic and that acts as a barrier to competition. Apparently, the same concept applies to having a successful career as well.
"The best moat you can have is your talent. Inflation can't take it from you. Taxes can't take it from you," said Buffett, advising young people to develop the habits of success. "Build moats around yourselves."
In the interview, Jay-Z and Buffett talk about what made them successful. Both acknowledge the role luck played in their lives. "I have been lucky for 80 years and I hope I stay lucky," said Buffett.
Buffett said the trick to being a good investor is not about having an IQ but about having emotional stability. "You have to be able to think independently, and when you come to a conclusion you have to really not care what other people say. Just follow the facts and your reasoning. That's tough for a lot of people," said Buffett. "But that part, I was just lucky with. I was born that way."
Buffett said that he learned from his professor Benjamin Graham to not look at a stock as "something with a ticker symbol that wiggles around" but to think of it as a business.
Jay-Z said he could identify with what Buffett was saying. "If you don't look at the tickers, you're really just searching for the truth within all the numbers and all the chaos. And that's the key to being a recording artist. You're telling your story or finding your truth at the moment."
-- Written by Shanthi Venkataraman in New York
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