#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words

I asked Charlie Munger what he thought of Jeff Bezos, and he told me that Bezos was ferociously intelligent in this book. Buffett calls Bezos a miracle worker. And something that Bezos had in common with Munger and Buffett. It's from day one, in his very first shareholder letter. Jeff Vezos emphasized the importance of having the very best team.

He wrote, Setting the bar high in our approach to hiring has been and will continue to be the single most important element of Amazon's success. Bezos' focus on talent is just like this quote from Steve Jobs that happened. In an interview that Steve gave the very same year in nineteen ninety seven, and Steve said I think that I've consistently figured out who the really smart people are to hang around with. You must find extraordinary people. The key observation is that in most things in life

The dynamic range, you'll hear me repeat that over and over again in this episode. The dynamic range between the average quality and the best quality is at most two to one. But in the field that I was interested in, I noticed the dynamic range between what an average person could accomplish and what the best person could accomplish was fifty or a hundred to one. So given that, you're well advised to go after the cream of the cream and to build a team that pursues the A plus players. And that is exactly what Ramp did. Ramp has the most talented technical team in their industry. Becoming an engineer ramp. is nearly impossible in the last twelve months.

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