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NOTHING IS PERMANENT EXCEPT CHANGE

  • Warren Buffett cautioned students to avoid borrowed money during a question-and-answer session at Notre Dame in 1991. He used Donald Trump's troubled casino investments to explain the life lesson.
  • "I've seen more people fail because of liquor and leverage – leverage being borrowed money. Donald Trump failed because of leverage. He simply got infatuated with how much money he could borrow, and he did not give enough thought to how much money he could pay back," Buffett said.

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