Buffet's Keys to Success

There are only a handful of people who are more successful than Warren Buffet.  At the last Berkshire Hathaway Annual Shareholder Meeting, Buffet and his right-hand man Charlie Munger identified their keys to success.  Munger advised to go through life with a simple philosophy.  Figure out what works and do it. To figure out what works, Buffet and Munger do three things:

1. They read everything they can.  Buffet spends 80% of his day reading, which he claims allows him to make more rational and less impulsive decisions.  Reading, he believes, helps determine what other successful people do.
2. Understand human nature.  When the stock market swoons, Buffet sees opportunity.  His mantra is to be proactive when others are afraid, and when others are proactive, be afraid.  Be greedy when others are fearful, and fearful when others are greedy.  
3. Associate with people who are smarter and better than you are.  They lift you higher, Buffet said.