Jeff Bezos and Warren Buffett are two of the most successful business minds of our time. Though their paths to wealth differ, Bezos said he’s learned key lessons from observing Buffett — lessons that have shaped how he leads Amazon.
Learn More: 10 Genius Things Warren Buffett Says To Do With Your Money
Read Next: I’m a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money
During a 2018 interview with The Economic Club of Washington D.C., the Amazon founder shared what he learned from the Oracle of Omaha.
At the time of the interview, Amazon’s stock had gone up by 70% in a year — but Bezos said he doesn’t use the stock market as an indicator of how successful his company is.
“The great quote that Warren Buffett brings up all the time, that Benjamin Graham said is, ‘In the short run, the stock market is a voting machine; in the long run, it’s a weighing machine,’” Bezos said.
“What you need to do is operate your company in such a way, knowing that it will be weighed one day and just let it be weighed,” he continued. “Never spend any time thinking about the daily stock price. I don’t.”
Check Out: Mark Cuban Reveals His Formula for Side Hustle Success
Bezos emphasized the importance of being well-rested to make high-impact decisions.
“As a senior executive, you get paid to make a small number of high-quality decisions,” he said. “Your job is not to make thousands of decisions every day.”
Bezos noted that if he slept less than eight hours a night, he would have more time to make decisions — but they would probably be of worse quality.
“If I make three good decisions a day, that’s enough,” he said. “And they should be as high a quality as I can make them.
“Warren Buffett says he’s good if he makes three good decisions a year,” Bezos continued. “And I really believe that.”
These lessons from Buffett have helped Bezos stay focused on long-term impact and thoughtful leadership — principles that any executive or entrepreneur can apply.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Jeff Bezos Shares 2 Game-Changing Lessons He Learned From Warren Buffett