In this episode of Business Lunch, Ronald and Ryan delve into the age-old debate of whether to diversify your team or focus on business, drawing inspiration from Warren Buffett's latest shareholder letter and the challenges faced by conglomerates like LVMH. They explore the nuances of entrepreneurship and offer valuable insights for seasoned business leaders and aspiring entrepreneurs.

Highlights: 

"It's fascinating that oftentimes good at the opposite of good advice is more good advice. Like, so good advice, you should diversify. Good advice, you should focus. Those are both good advice." 

"Diversification is a luxury, not a right. Your ability to diversify is going to be a function of how good of a job have you done with the core business that you have today of getting it systemized and getting it scalable." 

"If you're going to diversify, be sure that you are number one thinking about what are you diversifying? Are you diversifying your existing company and team, or are you diversifying your own investment portfolio?" 

Timestamps

00:00 - Post-Lunch Business Banter

02:22 - Warren Buffett's Success Story

03:42 - The Paradox of Good Advice

05:03 - Challenges at LVMH: Diversification vs. Focus

06:45 - Navigating Entrepreneurial Decisions

08:28 - Transitioning Roles: Inventor to Capital Allocator

10:22 - Berkshire vs. LVMH: Different Approaches to Investing

12:12 - The Pitfalls of Diversification without Focus

14:14 - Personal vs. Organizational Diversification

15:36 - Applying Diversification Strategies

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