Codie SanchezFounder @ Contrarian Thinking

💸 Steal Buffett’s formula for success

2 Jul 2024 · 1 min

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0:48

Short video by Codie Sanchez presenting Warren Buffett’s prioritization technique called the “avoid at all costs” list (also described as a 20/5 rule). The clip explains the anecdote of Buffett advising a pilot to list 20 tasks toward a big goal, pick the top 5 to focus on, and ruthlessly avoid the remaining 15 to prevent distraction and shallow effort.

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This framework from Warren Buffett blew my mind. It's called the avoid at all costs list. So Buffett's flying in his plate. Pilot asks him how he can achieve this one really big thing he wants out of life. And Buffett goes, write down the list of 20 things that you think you need to do to achieve that big goal. Pilot writes down lists of 20. Buffett goes, you get to focus on five. What are the five you would focus on? Pilot and him agree. Buffett then goes, what are you going to do with those other 15 things on the list? The pilot goes, well, you know, I'll get to eventually. I'll kind of piecemeal them around. Buffett goes, no, you won't. You've got to be ruthless with what billionaires call the T. This right here is evidence. Everything in the world that we think we need to get done in order to achieve our big goals. Billionaires know. Instead, you're allowed to focus on one thing deeply and many things we have to avoid. If we do not avoid this, we become a person who swims in the shallow end as opposed to going to the decks. You are not going to be that person.