Full transcript
0:00If you look around , there are
0:02definitely people who succeed faster
0:04and more overwhelmingly than others ,
0:06even though they aren't exceptionally
0:08smart or born with many advantages .
0:11Never act for the sake of action . You
0:16will succeed . Because you wanted it .
0:20Hello . This is Hawaii De Mansion . There
0:23probably isn't a single one among our
0:25subscribers who hasn't heard the name
0:28Warren Buffett , known as the " Genius of
0:30Investment . " Right ? However , the name
0:33of this person — Warren Buffett's truly
0:36only life partner and great business
0:39associate — might be a little
0:41unfamiliar to you . Warren Buffett said
0:44this : " The only business partner who
0:47fit me in every way was Charlie . " Yes .
0:50Warren Buffett spared no praise for
0:53Charlie Munger , calling him the world's
0:55greatest investor . It is known that he
0:58kept Charlie Munger , who was
0:59straightforward even with his employees
1:01, by his side for life , and they had a
1:03profound influence on each other
1:05regarding business , investment
1:06philosophy , and life . So today , I am
1:09bringing you insights contained in the
1:11book " Inspiration of Charlie Munger :
1:14Almost Poor Charlie . " I would like to
1:17share some thoughts with you , adding my
1:20own reflections to the gem-like words
1:22left by the author , regarding the
1:24mindset with which Charlie Mungo grew
1:26Berkshire Hathaway into a massive
1:28corporation ranking in the top 10 by
1:30market capitalization in the U.S.
1:32alongside Warren Buffett . Especially
1:35today , after watching the video to the
1:38end , I would be very grateful if you
1:40could leave a comment sharing your
1:43thoughts . What was the mindset that
1:48influenced my life and helped lead it
1:52to success ? Fortunately , I harbored
1:55these thoughts and concerns at a very
1:57young age . The safest way to get what
2:01you want is to qualify for it . I want
2:06to emphasize this once again : the
2:08safest way to get what you want is to
2:11qualify for it . If you want something
2:14in return , you must be willing to give
2:17it to the other person . This may seem
2:19like a very simple idea , but it is also
2:22the fundamental principle of the Golden
2:24Rule of success . Throughout my life , I
2:27have encountered countless instances
2:29where people with this attitude became
2:32winners , and I realized that what such
2:34people gain is not merely money and
2:37fame . Those who live their lives in
2:39this way even earn the trust they
2:42rightfully deserve from the people they
2:44interact with . I am convinced that
2:47earning that rightful trust is a truly
2:50great success in life . As we go through
2:53life , we often have thoughts like this :
2:55How can someone like that succeed so
2:57much ? Is it really okay for that person
2:59to make so much money and be so
3:00successful ? Why is the world so unfair ?
3:03There will be times when we vent these
3:05complaints . However , no matter how much
3:08fire they build or how much success
3:11others envy , they too will eventually
3:13die . If so , even if their funeral is
3:17packed with people , what have they left
3:20behind ? Most of them are likely just
3:23people who came to celebrate them . What
3:26do I mean by that ? This is something I
3:28experienced firsthand . I attended the
3:30funeral of someone whom I regarded as a
3:33villain . It was a time to honor the
3:36deceased , but amidst the awkward
3:38silence , everyone just hesitated ; no
3:40one stepped forward . Eventually , one
3:43person stepped forward and said : " This
3:46person's brother was even worse . " We
3:48must never live a life that ends in
3:51such a way . We must live a truly
3:54meaningful life , rather than holding
3:56such a funeral , thereby positively
3:58influencing others and earning their
4:00trust . The second thought I held when I
4:04was young was that acquiring wisdom is
4:06a moral obligation . Gaining wisdom is
4:09not merely a narrow-minded desire to
4:12get ahead of others in life . We must
4:15learn throughout our lives . We do not
4:18learn simply because we are students ,
4:20newcomers , or beginners ; rather , we
4:22cannot live life properly without
4:24learning . There are surely people who
4:27resonate with this . You cannot grow in
4:30your daily life or live the life you
4:33desire relying solely on what you
4:35already know . You can see this just by
4:38looking at Berkshire Hathaway , a
4:40globally renowned investment firm .
4:42There is no guarantee that techniques
4:44that worked well for the past 10 years
4:46will continue to work well for the next
4:4810. That is why Wallen Buffett , who
4:50works with me , had to become a learning
4:52machine that studied endlessly . He
4:55lived his life keeping a timer ,
4:57spending about half of his waking hours
5:00reading . He also devoted a significant
5:03portion of the remaining time to
5:05one-on-one conversations . He spoke on
5:07the phone or met in person with people
5:10he trusted and who trusted him . Why ? To
5:14learn from them . If you look around ,
5:18there are certainly people who succeed
5:20faster and more overwhelmingly than
5:22others , even though they weren't born
5:24exceptionally smart or endowed with
5:26many advantages . This is because they
5:30studied every day . It is because they
5:34tirelessly strived every night to fall
5:36asleep a little wiser than they did in
5:38the morning . However , mastering only a
5:41specific subject enough to receive an A
5:45on an exam is never enough . You must
5:48learn a wide range of things to that
5:51level . Therefore , you must organize
5:53diverse knowledge in your mind and be
5:55able to unconsciously retrieve and use
5:56it for the rest of your life . Knowledge
5:59does not simply accumulate ; it grows
6:01through compound interest . As mentioned
6:03earlier , this is not merely about
6:05building general knowledge . The
6:07fundamental principles of different
6:09disciplines grow within me like
6:11compound interest , equipping me with a
6:13new way of thinking . There is a reason
6:15why I took an interest in psychology
6:17and studied it more deeply . It is
6:19because the confusion and mistakes
6:21people make ultimately stem from human
6:23psychology . The same applies to
6:25investing . Fear , arrogance , or the
6:28tendency to blindly follow what others
6:31do all shake one's judgment . People
6:34only listen to what they want to hear
6:37and see what they want to see , without
6:39realizing how big a trap this is in the
6:42world of investment . That is true . As
6:44you engage in diverse studies and
6:46accumulate diverse knowledge , the world
6:48appears different from before . To solve
6:50problems , you must know how to use
6:53various tools . However , to someone who
6:56carries only a hammer , everything looks
6:58like nothing else . It is impossible for
7:01things to look different . This is
7:02because they only know things in that
7:04way . By mastering various disciplines
7:07to acquire diverse tools and ways of
7:09thinking , you become able to think on a
7:11completely different level regarding
7:12not only investments but also various
7:14issues in life . Learning mathematics
7:17has given me the ability to calculate
7:20risk , and learning the principles of
7:22competition and adaptation in biology
7:25helps me understand how companies
7:27compete and develop in the market .
7:30Furthermore , applying the concepts of
7:32evolutionary biology makes me realize
7:34how profound the truth of survival of
7:36the fittest is in competition . As I
7:40emphasized earlier , upon waking up in
7:42the morning , you must strive to become
7:44even just a little bit wiser than
7:47yesterday , faithfully carrying out the
7:49work entrusted to you and living the
7:51life given to you . However , there is
7:55one thing you must be wary of : you must
7:57never be confined to a single field or
8:00a single perspective . You must make an
8:03effort to learn through various fields
8:05and to apply what you have learned by
8:07crossing between disciplines . That is
8:09correct . When viewing any problem or
8:11phenomenon , one must cultivate the
8:13ability to examine it through the
8:15lenses of various academic disciplines .
8:17Only then can one approach the
8:19fundamental solution . By doing so , one
8:22gains the strength to move steadily
8:24toward their goals with patience and a
8:27long-term perspective , without being
8:29swept away by short-term gains or
8:31fleeting trends . The secret to my great
8:34success in the investment world
8:35alongside Warren Buffett can also be
8:37attributed to this kind of complex
8:39thinking . To reiterate , one must not
8:42merely accumulate knowledge , but weave
8:45it together . Ultimately , the habit of
8:47weaving knowledge together became a
8:49major asset in my life and the key to
8:51success . Books and academic disciplines
8:54fostered my growth and broadened my
8:55perspective on the world , while also
8:57awakening me to the importance of
8:59self-objectification . Learning truly
9:01grows like compound interest . If you
9:04learn even a little bit every day and
9:06consistently build upon it , it will
9:08eventually return as significant
9:10achievement . True learning is the
9:13greatest investment in life . Another
9:19realization I gained throughout my life
9:21is that simply clinging to work is
9:23insufficient to achieve outstanding
9:25results in any field . One must possess
9:28genuine interest and a strong passion
9:30for the work . Capable people can
9:33perform well up to a certain level , no
9:35matter what task they are assigned .
9:38However , merely performing well is not
9:41enough to reach true excellence . If one
9:44does not feel a strong interest , work
9:47becomes nothing more than a mere
9:49obligation , and achieving results
9:51beyond that is nearly impossible . All
9:53the business partners I worked with
9:55were people who worked persistently and
9:58steadfastly , with an even stronger
10:00interest and passion . Once they started
10:03a task , they dedicated their full
10:05energy to it until the end , always
10:07aiming for the best in their respective
10:09fields . I truly liked and sincerely
10:12respected such people . I was grateful
10:17for the opportunity to work with them
10:20and constantly strived to qualify
10:22myself to do so . Often , many people ask
10:26how to choose a job and what principles
10:30to follow . While there is no single
10:33right answer , whenever I receive this
10:35question , I share three basic
10:37principles . First is the principle of
10:39not selling what I would not buy myself
10:42. I never recommended to others
10:44anything whose value I myself did not
10:47acknowledge or believe in . This is not
10:50simply about material goods . It could
10:53be about investment , human
10:55relationships , or even a philosophy of
10:58life . This is because people can
11:01immediately sense whether or not I am
11:04sincere . Those who try to sell anything
11:07without sincerity eventually lose trust
11:09. Conversely , if I sell only what I
11:12believe in and trust , customers will
11:15naturally come to trust me . Once that
11:18trust is built , a situation will
11:20eventually arise where people seek me
11:23out even if I am not selling anything .
11:26Second is the principle of not working
11:29under someone I do not respect . Work is
11:32not simply about making a fortune . It
11:36is a process of personal growth and
11:39elevating mutual value with people I
11:41respect . If someone does not respect me
11:45, or if I cannot respect them , I cannot
11:47sustain working with them for a long
11:49time . The moment to quit will
11:52inevitably arise . Above all , growth can
11:56never occur in a relationship where
11:59there is no mutual respect . On the
12:02other hand , when you work with people
12:04you respect , everything becomes a
12:06learning opportunity , and a natural
12:08motivation to become a better person
12:11arises . Are you working with such
12:14people ? If so , you are already living a
12:19successful life . Third is working with
12:22people who are enjoyable to be around .
12:25Conversely , this also means that you
12:27must become someone who is enjoyable to
12:29be around . Even during busy and hectic
12:33moments , the difficulties feel much
12:35less if I am with enjoyable people .
12:38Those who can maintain a sense of humor
12:40and a positive atmosphere , even in
12:42exhausting situations , are exactly the
12:44kind of people I want to be with . And I
12:46have strived to become such a person
12:49and create such an environment . Finding
12:52work that satisfies all three of these
12:55principles is by no means an easy task .
12:58However , if you live with these
13:01principles in your heart , you will
13:03unknowingly experience wondrous moments
13:06where they fall into place one by one .
13:10Thanks to colleagues I trust , I , too ,
13:12was able to enjoy an environment where
13:14I could work while satisfying these
13:16principles . Because I have lived by
13:19these principles , I was able to
13:21gradually approach the goals I desired
13:24and , above all , learn to respect myself
13:26. As mentioned earlier , just as there
13:32are principles in work and learning ,
13:34there are also clear principles in
13:36investing . However , these are not
13:38merely principles for investing . At
13:41least in my life , these principles have
13:43served as crucial criteria for all my
13:45decision-making . I have no doubt that
13:49these principles will be helpful in
13:52your life , learning , and
13:54decision-making as well . Risk . The most
13:57important thing when starting to invest
13:59is risk . Among these , it is crucial to
14:02properly assess reputational risks .
14:04This involves more than simply
14:06calculating whether the business risk
14:08is worth taking ; it means considering
14:11how that risk will affect me ,
14:12particularly regarding the
14:14repercussions it will have on my
14:16reputation and trust . Reputation is
14:19extremely difficult to rebuild once
14:21damaged , and my ironclad rule is that
14:23if I doubt the other party's moral
14:26character or reliability , I must avoid
14:28that transaction , no matter how
14:30promising it may appear . Through my
14:33long experience , I have witnessed
14:34numerous times that getting involved
14:36with someone of questionable character
14:38may yield short-term gains , but it
14:40inevitably leads to problems in the
14:42long run . If you choose the wrong
14:47business partner , differences that
14:49initially seemed insignificant can turn
14:51into irreversible losses over time . No
14:54matter how attractive a business
14:56opportunity may be right in front of
14:57you , you must unconditionally avoid
14:59dealing with someone who has a bad
15:01reputation . Furthermore , being cautious
15:03of major mistakes or significant
15:05capital losses is an essential
15:07principle in investing . In reality , it
15:09is not easy for an investor to recover
15:12from a massive loss . The issue is not
15:15so much the loss of money itself , but
15:17rather the impact that loss has on
15:19one's mental state . I have witnessed
15:21many instances where even outstanding
15:23investors around me experienced
15:24significant losses a few times in their
15:26lifetimes and struggled greatly to
15:28recover afterward . It is an undeniable
15:32reality that a single mistake can
15:34instantly destroy years , or perhaps
15:36even decades , of hard work . Therefore ,
15:40I have thoroughly emphasized this point
15:42and kept myself strictly vigilant .
15:45Ultimately , to succeed in investing ,
15:47one must be able to evaluate risk from
15:49multiple angles and , above all , trade
15:52only in an environment where one can
15:54protect their reputation and character .
15:57One of the many temptations one
15:59encounters in life is seeking shortcuts
16:02for quick profits . However , if that
16:05shortcut ultimately destroys your
16:08reputation and eliminates your margin
16:10of safety , you must have the courage to
16:12decisively refuse it . I believe that
16:17only by doing so can one achieve
16:19sustainable success in the long term .
16:22Regarding independence , hearing the
16:24objective truth that the Emperor is
16:26naked is something that is only
16:27possible in fairy tales . In reality ,
16:30especially in the worlds of business
16:32and investment , it is rare to perceive
16:34errors in one's own judgment . The
16:37reason I place such importance on
16:39objectivity and rationality is that
16:41without true independence of thought ,
16:44one is bound to be swayed by the voice
16:46of the crowd . True independent thinking
16:50refers to an attitude of focusing
16:52solely on whether one's own conclusion
16:55is correct , rather than worrying about
16:57whether others ' opinions are right or
17:00wrong . Having confidence in one's own
17:03judgment is the first step toward
17:05becoming a true investor . The standard
17:08of objectivity I hold stems not from
17:10the thoughts of others , but solely from
17:13thorough analysis and accurate judgment
17:15. When the market was boiling and
17:18investors were going wild over specific
17:20stocks , I , too , used to easily get
17:22swept up in the enthusiasm of others in
17:24the early days of my stock market .
17:27However , looking back , it is extremely
17:29rare for my decisions to succeed when
17:30they overlapped with the judgments of
17:32others . Following the opinion of the
17:36crowd is indeed the easiest way to make
17:39a decision , but it is also a path back
17:42to the average . Investment and business
17:45do not offer significant rewards to
17:48those who remain at the average .
17:50Average thinking yields only average
17:53results . Merely imitating the judgment
17:56of the crowd yields only a moderate
17:57level of return . It is bound to result
18:00in mediocre performance . This is an
18:02attitude that any investor must avoid .
18:04The ability to maintain one's own
18:06judgment amidst the expectations and
18:08anxieties of the crowd — this is
18:10precisely the common characteristic of
18:12great investors . I have strived to
18:15maintain independent thinking
18:17throughout my life , and my colleagues
18:20have highly valued this mindset . Wallen
18:24Corporation also placed great trust in
18:27my unwavering judgment . Even when
18:29everyone else jumped into a particular
18:31asset , I remained steadfast , using my
18:33own analysis as the standard for
18:35investment and making investment
18:36decisions at moments when others were
18:38not paying attention . This was not a
18:41one-time stroke of luck , but a
18:42philosophy and investment strategy that
18:45has continued throughout my life . The
18:47moment others approach me claiming it
18:49is a good idea , I become suspicious .
18:52Conversely , I strive to discover gems
18:55when others ignore them . As I
18:58emphasized earlier , following the crowd
19:00— not only in investing but in life as
19:03well — can lead to massive errors and
19:05irreversible mistakes over time . The
19:08masses are always bound to chase
19:10short-term results or trends . Rather
19:13than following these short-term fads ,
19:15one must always think cool-headedly
19:17with a long-term perspective . To take
19:20it a bit more extreme , I would like to
19:22say that the more the public lives , the
19:24more carefully you should scrutinize
19:25the stocks . If you can make wise
19:29judgments and possess the discernment
19:32to recognize value when others are not
19:35looking , that is when you can truly get
19:39closer to success . Patience : In life ,
19:45everyone encounters moments when they
19:47feel the urge to act impulsively .
19:49However , I first learned and practiced
19:52how to resist these moments . There were
19:55more moments when I realized how
19:58important it is to stay still and wait ,
20:00even when I instinctively wanted to do
20:03something . People often fall into
20:06impatience and repeat frequent trading ,
20:09consuming significant costs in taxes
20:11and fees in the process . In the world
20:14of investing , this is an action taken
20:15without realizing just how massive a
20:17cost this returns to them . Unnecessary
20:18actions are the worst enemy that
20:20hinders the benefits of compound
20:22interest . Compound interest possesses
20:25such powerful force that it is called
20:27the eighth wonder of the world . The
20:30moment you properly understand this
20:32principle , you realize that you must
20:34not make the mistake of hindering this
20:36compounding effect yourself by engaging
20:38in various useless actions . Whenever I
20:41invest , I find myself asking , " When on
20:43earth are you going to sell this ? " or "
20:45Are you just going to leave it even
20:46though new information has surfaced ? "
20:47People around me would ask me this
20:49question . However , I did not easily
20:51succumb to such temptations . Whenever
20:54that happened , I reminded myself of my
20:57philosophy : Never act for the sake of
21:00action . Literally , this means not
21:03acting simply to take action . Once ,
21:06while I was holding a stock , rumors
21:08circulated that there would be a major
21:10economic downturn . While all other
21:13investors became anxious and rushed to
21:15sell , I decided to sit quietly and
21:17watch . As time passed , the stock
21:20continued its stable growth , and
21:22eventually , others missed out on
21:24profits due to rumors and fear . Thanks
21:28to the power of compound interest , the
21:30value of that stock increased over time
21:33, and I was able to retain those
21:35profits by doing nothing . Indeed , the
21:38power of compound interest shines in
21:41patience . People say that luck comes to
21:45those who are prepared . However , luck
21:48does not come automatically if you
21:50simply sit still . The luck I speak of
21:53is about waiting for an opportunity and
21:55maintaining a state of keen readiness ,
21:58so that you can seize it when the
22:00moment actually arrives . An attitude of
22:03enjoying the process along with the
22:05profit is also truly important , because
22:08the true space we love lies not in the
22:11result , but in that very process .
22:14Whether in investing or in life , what
22:16we truly value is not the result , but
22:18the experience and lessons gained from
22:21the process . This was also true of
22:23Wallen Buffett and my investment
22:24journey . We focused not only on a
22:27company's profitability but also on its
22:29culture and sustainability . The process
22:32itself was a source of joy for us . The
22:35experiences we built daily with
22:37everyone we met in business — all of
22:40this process became truly valuable
22:42assets . Of course , we experienced
22:46failure along the way , but ultimately ,
22:49the process itself was valuable .
22:52Therefore , rather than being driven by
22:54the impulse to simply do something ,
22:56wait for compound interest to
22:58accumulate over the long term . Then ,
23:01simply learn from the process and find
23:04joy in it . Decisiveness : The world has
23:07changed significantly , and there are
23:09just as many doors of opportunity .
23:10However , only those who are prepared
23:13can open those doors . That is why , when
23:16the right conditions are right , you
23:19must act with decisiveness and
23:21conviction . If you just look around
23:23half-heartedly and keep stalling , the
23:25opportunity will simply slip away .
23:28Whether in investing or in life , when a
23:30decisive moment arrives , you must move
23:33without hesitation . At the time the
23:36financial market crashed , investors
23:38were gripped by fear . However , Buffett
23:40and I , having been together for a long
23:42time , judged that very moment to be an
23:43opportunity . While most people were
23:46backing away and gripped by fear , we
23:48viewed this situation as a chance to
23:50acquire good companies at low prices
23:53from a long-term perspective . While the
23:56market trembled with anxiety and
23:58hesitated , we took bold action . And
24:00that judgment was correct . Although it
24:04was an unstable period , those who made
24:06the same decision as us later achieved
24:09tremendous success . Feeling fear when
24:12others are greedy , and being greedy
24:15when others are gripped by fear — that
24:18is the true principle of seizing
24:20opportunity . It is important to calmly
24:23assess the market and make a decision
24:26when many hesitate , saying it is not
24:28the right time . Many witness
24:30opportunities , but recognizing whether
24:33they are genuine and seizing them is
24:35the prerogative of a select few . Acting
24:38agilely when the right conditions are
24:41established is a truly critical factor
24:43in determining lifelong success . If you
24:47have an eye for opportunity and are
24:50prepared for it , you can act decisively
24:53at any time . What makes this possible
24:57is not mere luck , but a continuously
25:00prepared mindset . With a prepared mind ,
25:04when the moment comes to make a
25:06decision , please do not hesitate . What
25:10I have learned through long experience
25:13is that the meeting of a prepared mind
25:15and opportunity is the true secret to
25:17achieving success . Focus : The more
25:22important the decision , the more
25:24crucial it is to keep the situation
25:27simple . Simply reducing confusion in
25:30decision-making and not forgetting your
25:32original goal can help you avoid major
25:35mistakes . This is because sometimes ,
25:38simple truths yield the greatest
25:40results . Even seemingly complex
25:42decisions often find their solution by
25:46returning to the basic principles you
25:48initially set out to aim for .
25:50Furthermore , arrogance and boredom
25:52frequently cause problems . The more
25:54arrogant one becomes , the more
25:56vigilance one loses , and when bored , it
25:59is easy to overlook even minor issues .
26:02I , too , once became slightly arrogant
26:04after achieving great success in an
26:07investment . I developed the delusion
26:10that I could always win , and as a
26:11result , I handled some investments
26:13carelessly and ended up losing valuable
26:16assets . Since then , I have become wary
26:19of this 50 % above all else , and I have
26:21been able to invest much more
26:22cautiously in the future . Another
26:25important point is to exclude
26:26unnecessary information as much as
26:28possible . Useless information can
26:31gradually sink a ship , much like a
26:33small hole in the hull . People often
26:36think that the more information they
26:38have , the more helpful it is , but this
26:41is not always the case . Rather , we must
26:44learn to focus on the essential core
26:46information . When making important
26:49decisions , focusing on simplicity and
26:51the essentials is crucial . As we get
26:55older , we realize that true success in
26:57life is not simply about possessing
27:00many things or rising to a high
27:02position , but about being respected and
27:04trusted by those around us . Success
27:07lies not merely in the moment of
27:09achieving a goal , but in the path of
27:11accumulating small achievements and
27:13lessons learned one by one along the
27:15way . We must live a life where we learn
27:19and grow on that path , faithfully
27:21following the principles we believe in
27:24and respect . What is easily gained
27:27disappears easily , but consistent
27:30effort , good relationships , and strong
27:32convictions never vanish . Even if the
27:36world sometimes feels unfair , those who
27:39have walked the right path will
27:41eventually have their true worth
27:44recognized . The most precious asset you
27:47and I can leave to the world is not
27:49money or status , but being remembered
27:52as a trustworthy person . Thus , choose a
27:55life today that fosters your own growth
27:59and helps others . Your choices make you
28:07who you are . " Eight units . Eight at
28:13once from one corner . " Sannae , holding
28:16the receiver , couldn't believe his ears
28:18. The item he had been selling on the
28:20street for 30 years was a milkshake
28:22mixer . It was a machine that produced
28:25five cups at a time . Eight units meant
28:28churning out 40 cups simultaneously
28:30from a single spot . An unnamed , dead
28:33town in California . A tiny hamburger
28:36shop in a corner of it had ordered it .
28:39Although he had spent 30 years on the
28:41road , this was the first time he had
28:42ever received such an order . He was a
28:45weary middle-aged salesman , far from
28:47the glamorous path to success , drifting
28:49from motel to motel with a single
28:51worn-out bag . He thought there must be
28:54a mistake . After all , such a restaurant
28:58didn't exist in the world . So , he made
29:00a decision . He decided he had to see it
29:03with his own eyes . That night , the 52 -
29:06year-old wandering salesman boarded a
29:09night flight . And the moment he arrived
29:11in front of that small shop , his life
29:14took a completely different direction .
29:19You succeed . Because you wanted it .
29:24Hello . This is the Hawaiian mansion .
29:26Yes . Everyone , the person we will be
29:29looking into today is Ray Kroc , the
29:31salesman who just boarded that plane .
29:34His name is Ray Kroc , and he is also
29:36the author of * On Doing Business * . And
29:39the name of that small corner in the
29:41desert he visited was McDonald's . Today
29:44, McDonald's is a massive empire with
29:46over 45,000 stores in more than 100
29:48countries worldwide , feeding
29:50approximately 70 million people every
29:52day . However , Ray Kroc , who actually
29:55built this empire , never invented a
29:57single hamburger . But what is
29:59interesting is the fact that giants
30:02like SoftBank's Masayoshi Son and
30:04Uniqlo's Tashi Yanai have cited this
30:06very book as their life bible . What on
30:11earth did they see in the story of Ray
30:13Kroc's wandering salesman ? The real
30:16core of today's story is not the
30:18hamburger . Even when looking at the
30:21same shop and the same scenery , some
30:23people see a decent neighborhood
30:25restaurant , while others see an empire
30:27that will cover the entire world . It is
30:30precisely that difference in
30:32perspective that determines the size of
30:34a person's lifetime bank account .
30:36Moreover , that perspective is not an
30:39innate talent . It is a switch that
30:41anyone can turn on and off . And the
30:44fact that we have never properly turned
30:46that switch on even once — that is
30:48perhaps the reality for most of us
30:50right now . By the time today’s story
30:54concludes , we will understand the
30:56single difference between why some
30:58people stay in a single store their
30:59entire lives while others build empires
31:01of 45,000 . Naturally , that difference
31:05is not education , capital , fortune , or
31:08a favorable environment . And it will
31:10also become clear which side you
31:13currently belong to . The method of
31:18owning the entire McDonald's without
31:20inventing a single hamburger . Let's go
31:23back to that store in the desert . What
31:26I saw upon arriving at Kroc was a
31:28shocking sight . People were lined up in
31:30a long queue in front of the small shop
31:32, but a hamburger came out in 30
31:33seconds after ordering . It was the
31:36Speedy System created by the brothers
31:38Dick and Mac McDonald . The brothers
31:40were true inventors . They reduced the
31:43menu to just hamburgers , french fries ,
31:45and a few shakes . They designed the
31:47kitchen like a factory to shorten the
31:48cooking time to 30 seconds . The golden
31:51arch sign and the name McDonald's were
31:54all theirs . On the other hand , Ray Kroc
31:57did not invent any of them . The
31:59hamburger , the system , and the name
32:01were all the brothers ' creations . The
32:04secret behind the 40th generation mixer
32:06also lay there . At least within that
32:09small town , the brothers ' store was
32:11running perfectly . However , looking at
32:14the results is a bit strange . The
32:16salesman who invented nothing
32:18established 45,000 stores , while the
32:20genius brothers who invented everything
32:22ended up staying with just that one
32:25store . What on earth was the difference
32:28between the two ? The brothers were
32:31ahead in talent , products , and ideas .
32:36Are you the type to be satisfied or the
32:38type to be convinced ? Let's talk about
32:42our story for a moment . There are two
32:44types of people in the world . One side
32:46consists of those who , like the
32:48McDonald brothers , feel that this is
32:50enough . The other side consists of
32:52those who , like Ray Kroc , feel that
32:54this is just the beginning . Please do
32:57not misunderstand me here . The brothers
32:59did not expand the business because
33:01they were lazy . It is because they were
33:03already sufficiently happy . A stable
33:05income , a respected neighborhood shop
33:06— it was a life where I couldn't ask
33:08for anything more . So , this isn't a
33:10matter of right or wrong . The key point
33:13is simply that the size of what we can
33:16hold in our hands for a lifetime
33:17changes completely depending on where
33:20we stand right now . Shall we think
33:23about what lies before us right now ? It
33:25doesn't matter if it's a job , a small
33:27business , or a side hustle just started
33:29. Where is your heart leaning as you
33:33look at it ? Towards the side where you
33:36feel relieved , thinking , " This is
33:38enough , " or to the side where you feel
33:40stifled by some constraint , thinking , "
33:42This isn't everything yet . " The
33:46brothers believed that feeling of "
33:48enough " was the safest choice . But how
33:53would you feel if that seemingly safe
33:55satisfaction actually prevented you
33:57from ever seeing the best version of
34:00yourself in your life ? The crazy shout
34:05Saga made while standing atop a bizarre
34:07piece of work and yelling at two
34:08employees . Everyone , the power of this
34:12conviction becomes even clearer when
34:14you look at the stories of two other
34:16people . It was a small office in Japan
34:20in 1981. A 24 - year-old man started a
34:23company with only two employees . One
34:27day , he brought in a bizarre apple
34:29sculpture , climbed atop it , and
34:31declared to his two employees : " Someday
34:34, this company will be a company with
34:36sales in the trillions . " The two
34:41employees took his words as nonsense —
34:43seriously . And before long , both of
34:45them left the company . They felt that
34:48no sane person could stay under a boss
34:50who spouted such delusions . That young
34:53man's name was Masayoshi Son . The
34:55company he founded is none other than
34:57today's SoftBank . That delusion , which
35:00even the employees didn't believe , is
35:02actually exactly the same vision Kroc
35:04saw in front of a hamburger shop in the
35:06desert . He alone could clearly see with
35:08his own two eyes a future that was
35:10invisible to others . There is another
35:14person as well . Ray Kroc served in
35:16World War I during his youth . There was
35:19a peculiar friend in his unit . While
35:22everyone else was on leave resting and
35:24having fun , that friend remained alone
35:27in the barracks , spending all day
35:28drawing . Others scoffed , asking what a
35:31waste of time that was . But inside that
35:34friend's mind , a world no one had ever
35:36seen was already being drawn . That
35:39friend's name was Walt Disney . One
35:43person conquers the world with
35:45hamburgers , and the other with cartoons
35:47. All three had humble beginnings . A
35:51wandering salesman , a company with two
35:52employees , an unknown soldier in the
35:54corner of a barracks . No one paid them
35:57any attention . However , the driving
35:59force that moved these three was
36:01exactly the same : the ability to see
36:03things that do not yet exist in the
36:05world as clearly as if they were
36:07already right before one's eyes . That
36:10is the true meaning of the term "
36:12conviction vision . " It is an experiment
36:17where ordinary children , chosen
36:19randomly , became true geniuses . However
36:22, someone might say , " Isn't that just a
36:25self-deception ? " Here is an experiment
36:29that directly answers that doubt . It
36:32was an experiment conducted by
36:33psychologist Robert Rosenthal at an
36:35elementary school in the United States
36:37in 1968. The researcher first
36:38administered an idea test to the
36:40children . Then , he subtly poked at the
36:43teachers . The students on this list are
36:46the ones whose intelligence is expected
36:48to explode this year . However , everyone
36:52, the truth is that the list was
36:54compiled entirely by random selection ,
36:56completely unrelated to test results .
36:58Yet , a year later , the intelligence
37:00scores of those seemingly ordinary
37:02children , who were merely chosen
37:03randomly , had actually risen noticeably
37:05. The reason was simple . The moment the
37:09teacher believed that a child was
37:11destined for success , their behavior
37:12changed as well . They treated them more
37:15warmly , assigned more difficult tasks ,
37:17gave them another chance , and provided
37:19more detailed feedback . It was those
37:22changed behaviors that truly
37:24transformed the children . Everyone ,
37:28belief is not merely a matter of
37:30wishful thinking . Belief changes
37:33behavior first , and that behavior
37:35changes the reality . It works exactly
37:38the same way within us . The human brain
37:40has a kind of filter that selectively
37:42accepts only what it is convinced is
37:44important . For example , the moment you
37:47decide to buy a certain car , strangely
37:49enough , you start seeing nothing but
37:51that car on the street . It isn't that
37:53the number of cars suddenly increased ;
37:55it is that your brain has finally begun
37:57to accept that car as important
37:59information . Conviction works exactly
38:02the same way . " This will work . " The
38:04moment you become certain ,
38:06opportunities and methods that were
38:08previously invisible finally begin to
38:10come into view . Conversely , if you
38:12believe , " I won't be able to do it , "
38:14your brain automatically filters out
38:16even the opportunities that roll right
38:18in front of your eyes . That is why you
38:20cannot see them . This becomes even
38:22clearer when you recall Kroc and his
38:24brother . Because Kroc was convinced
38:28that " this will become an empire , " his
38:31actions were bound to differ . He
38:34mortgaged his house to raise money and
38:35poured his heart and soul into a small
38:375.5 - pyeong shop , treating it like the
38:39very first branch of hundreds of
38:41flagship stores set to open nationwide .
38:43On the other hand , because the brother
38:45believed that " this is enough , " his
38:47actions stopped right there . It was the
38:51same shop , the same hamburger , but
38:52because their beliefs were different ,
38:54their realities diverged completely .
38:58Diabetes , arthritis , and two years old .
39:01The thoughts he had on the airplane .
39:04Now , let's return to that small shop in
39:06the desert . When Kroc arrived , people
39:09were standing in a long line in front
39:11of the shop . Fast service . Operation
39:13devoid of military ethics . Everyone
39:15there was watching the exact same scene
39:16. However , that battle of sales for his
39:20age was different . He wasn't looking at
39:23a single storefront ; he was already
39:24seeing the future landscape — the
39:26thousands of shops that would fill the
39:28American evening — a scene that didn't
39:30even exist yet . While others looked at
39:34a single successful restaurant , he was
39:35envisioning the thousands of dots that
39:37would be scattered across the entire
39:39nation of America . It was as if two
39:41completely different worlds were
39:43unfolding before the same landscape .
39:46Yet , the reality for Kroc , who harbored
39:48such conviction , was far from beautiful
39:50. At fifty , he was suffering from
39:52diabetes and early-stage arthritis . He
39:55had already had a significant portion
39:57of his gallbladder and thyroid removed .
40:00He had spent thirty years on the road
40:02selling paper cups and blenders , but
40:04the losses were negligible . He had
40:07struggled his entire life to seize
40:09success , but even after turning fifty ,
40:11he had achieved nothing substantial . A
40:13lonely salesman driving between
40:15restaurants — that was all he had
40:18managed to do throughout his life . His
40:21peers were already starting to talk
40:23about retirement and old age . His body ,
40:25his bank account , his age — everything
40:28was telling him that it was too late .
40:31But at that very moment , there is a
40:33sentence that Kroc wrote himself in his
40:35book . " I was fifty . I knew of diabetes
40:40and early arthritis , and I had already
40:42lost most of my gallbladder and thyroid
40:44. But I was convinced . The best day of
40:48my life was yet to come . " Yes , everyone
40:53. Even with his broken body , he
40:56believed that the best day of his life
40:58was still ahead . And to uphold that
41:00conviction , he endured the harsh
41:02contract he had made with his brother .
41:06He had to share even that meager 1.9 % of
41:09sales with his brother . When he tried
41:12to get permission to renovate the shop ,
41:14his brother wouldn't even properly fill
41:16out a single document . Kroc later wrote
41:19that it seemed as though his brother
41:22wanted him to fail . In a sense , the
41:25business on which he had staked his
41:26entire life was being blocked by the
41:28very business partner he had joined
41:29hands with . While others were at an age
41:32where they were expanding their homes
41:34with a lifetime's savings and watching
41:36their grandchildren play , he had
41:37instead mortgaged his existing house
41:39and was sitting atop a pile of debt .
41:41His house was mortgaged , his debts
41:43piled up , and his health crumbled .
41:46Money was hard to come by . It was a
41:49situation where 100 out of 100 ordinary
41:51people would have given up . Yet , he did
41:54not collapse . Kroc says this about
41:57persistence : " Talent alone won't
42:00suffice . Since there are countless
42:02people with talent who fail to succeed ,
42:05education won't work either . The world
42:08is full of highly educated people . The
42:11only things that possess omnipotent
42:12power are persistence and fighting
42:14spirit . " However , what is truly
42:17important here is the order . People
42:19often praise Kroc's persistence . But
42:22the truth is the opposite . It is not
42:24that Kroc gained conviction by enduring
42:26with persistence . It was the picture of
42:28the end already present . He was able to
42:30persevere to the end because he
42:31possessed the conviction that can only
42:33be gained after seeing that image . Most
42:37people simply endure without conviction
42:40, eventually burning out and collapsing
42:42. But Kroc was able to walk the painful
42:45path to the very end because he was
42:47already seeing the destination with his
42:49own two eyes . Whenever his weary body
42:53whispered that he was finished , the
42:56conviction within his subconscious
42:58muttered countless times a day , " No ,
43:01the best day has not yet come . " And
43:05that single sentence was the power that
43:07made a 52 - year-old ailing salesman get
43:09back on his feet every morning . The
43:14single difference that separated a
43:16single store from an empire of 45,000 .
43:19Yes . Everyone , shall we return to the
43:22initial question now ? What exactly
43:24separated the salesman who invented
43:27nothing from the genius brothers Tool ,
43:29who invented everything ? Success does
43:33not come from the ability to make
43:35things better , but from those who see
43:37the bigger picture . And that power to
43:40see the bigger picture is simply turned
43:42on by a single switch called conviction
43:44. The brothers were ahead in talent ,
43:47capital , and even ideas . Yet , despite
43:50having all of that , there was one thing
43:52the brothers failed to see — and Kroc ,
43:54who had nothing , was seeing it . It is
43:57not the person who created something
43:59better , but the person who saw
44:00something bigger who ultimately
44:02possesses it all . A single store versus
44:05an empire of 35,000 . What created that
44:09enormous difference was not a tastier
44:12hamburger , but a single conviction . If
44:17I were to add just one more zero to my
44:19current goal ... Yes . So today , I really
44:24want to tell you this . Think of a goal
44:27you hold in your mind right now . It
44:30doesn't matter if it's your monthly
44:31income , the number of stores you want
44:33to own , or the amount of money you want
44:35to save . Now , try adding just one more
44:38zero to that number . If your goal was 1
44:41million won a month , add 10 million won
44:43; if your goal was one store , add * gae * .
44:46You can do this in just 10 seconds ,
44:47right ? Now , look at that number . Look
44:51at it seriously . At that moment ,
44:53something will rise up inside you . It
44:56might be a sense of resistance ,
44:57thinking , " Nah , that's impossible . " Or
45:00it might be a burning sensation or
45:02excitement , thinking , " Hmm , maybe . "
45:05That very reaction is the signal . If
45:09resistance comes first , you are
45:11currently on the Brothers ' side . If you
45:14feel that burning sensation or
45:15excitement , you have one foot on the
45:18Croc side . Isn't that 10 - second
45:20emotional reaction the most accurate
45:23indicator of where the ceiling of your
45:26account currently lies ? Come to think
45:29of it , the McDonald brothers sold that
45:32store for $ 2.7 million in 1961 and
45:35stepped away . It was an enormous sum of
45:37money for the time . However , that $ 2.7
45:40million became a mere speck of dust
45:43compared to the empire Kroc had built
45:46over his lifetime . The brothers stopped
45:50at a single moment of satisfaction ,
45:52thinking " this is enough , " whereas Kroc
45:54continued to push forward with his
45:57goals day after day . One was content
45:59with a lump sum received all at once ,
46:01while the other chose an empire that
46:03grew through lifelong compound interest
46:06. The account of the one who stopped
46:08ended there , but the account of the one
46:10who kept pushing forward never knew how
46:12to stop . Now , let's return to the
46:15opening scene where that 2 - year-old
46:17salesman boarded a plane in the desert .
46:21What he saw in front of the 40
46:23milkshakes was not just 40 shops ; it
46:26was 45,000 shops . What does this
46:30signify ? The " spirit " attached to his
46:34life was not even just one . Ultimately ,
46:38what we see in the small shops placed
46:41before us depends entirely on ourselves
46:45. If we believe , " This is enough , " we
46:48really do stop right there . If you are
46:53convinced that " this is just the
46:56beginning , " your picture will begin
46:59right from there . Thank you . This has
47:07been Hawaii University Housing .