Great Through Fundamentals
Recently had an odd place for a reflection, while pursuing due diligence on an individual, found he had played college basketball for UCLA under John Wooden. He, the player, is now 54 and I wondered what kind of impact four years under Wooden’s tutelage would have. As we all have, he has had his ups and downs, and he is currently in a down cycle. But my reflection is less on the player than on Wooden and the few great individuals like him.
When I say great people like Coach Wooden, who won 10 NCAA Championships in twelve years, a remarkable feat that towers over everyone even today, I got to thinking about other greats. Vince Lombardi, John Wooden, and Warren Buffett are men of the same substance just in differing fields.
Vince Lombardi never had a losing season as a head coach. He won five NFL Championships and the first two Superbowls. How did he do it? He focused on the fundamentals and basics. It is said his offense only had about eight plays and often the other team knew what they were going to run but were defenseless to stop it. Lombardi drilled his men hard in the few plays and how their advisories would respond to them. He built a legacy from fundamentals and executing them to perfection. How fundamental? Beginning of every pre-season training camp, he would hold up a football and start training his professional football players with this statement- “this is a football.”
John Wooden, who’s accolades I touched on earlier, did not focus on winning. He focused on developing players and assuring they lived up to their potential. He felt that preparation was key, and that preparation for practice was as much, if not more important than game preparation. When asked what he misses about basketball (since retiring) he says not the games, not the tournaments, but he misses the practices. Then there is the fundamentals, again, how fundamental? Coach Wooden used to instruct his players on how to put on their shoes and socks before each game or practice.
Warren Buffett is the richest man alive before and after the current economic crisis by buying on fundamentals. He buys companies that have a lot of money and have strong management when these companies’ stock prices are less than the companies’ value. In other words he buys good companies at bargain prices. That’s it. Then he holds them for a long time. He often says if he cannot understand a deal with 5th grade math, it’s not worth doing. Wall Street is flush with scam artists with Ivy League degrees, who build complicated schemes to defraud people of money, yet a man in Omaha builds a solid investment company with fundamentals and transparency.
What I find most amazing is how few people follow their examples. Seemingly people either do not believe in simplicity or think there is an easier way. Finding a few things to do and do them better than anyone else, seems to be a common denominator. Also, focusing on the foundation, the fundamentals, and not the obvious objective is another common thread. That is instead of winning, focus on perfecting the plays. The winning comes as an outcome of perfecting the play. Instead of focusing on how much to sell a company for, focus on finding good bargain companies and holding.
Maybe these great one’s success could be summed up by doing the simplest things that others are not.
You may also enjoy Not Doing What You Love, Pathway To Business Success.
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Comments
great post it was really well said as you clearly explained your topic very thoroughly keep up the good work bud
Fundamentals is the best way to invest for the long term. Companies that are fundamentally strong will weather the current economic crisis if they stay focused on the fundamentals of business. I council clients in my area of business specifically about using company fundamentals as leverage to increase market share and profits.
Thanks,
Mike
Thanks for this great post. You mentioned some of the NFL greats here, It brings back memories for me.
This really is a great post i think you have a very very good article on your hands here
These people are very successful so everyone who owns a business should “steal” some ideas from them!
A wonderful and coulourful post and I am so happy to have read it thanks to an email from my mate telling about it. Cheers
Excellent Post. Thanks
You make great points here. These are three brilliant and very successful individuals and they all focused on doing the little things the proper way. Today, this is often overlooked. Many people look at the end result, but don’t focus on the steps it takes to get to their desired result.
thank you for the information
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regard
So nice post.It will help people to gain some important knowledge.
Great article. Some great points there. I think if you stick to the fundementals needed and work hard there’s nothing to stop anyone being successful!
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