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The Singhs are big admirers of Warren Buffett's simple goal shrewd approach to investment.
The father and son, both successful entrepreneurs, made the pilgrimage to the US city of Omaha to bask in the wisdom of billionaire Warren Buffett, whose simple approach to investing – and whose mistrust of Wall Street – they share.
Both Paul Singh, who is 68, and his Jay Phoenix Singh, 32, have built successful businesses that have been multi-millionaires.
Singhs – one a Baby Boomer, the other a millennial, both from Fairfax, Virginia – share a long-time devotion to the words of Warren Buffett, 88, owner of the third-largest fortune the world.
"Warren Buffett is the quintessential American," said Jay Phoenix, standing before the relatively modest home of the American billionaire, just a few minutes from the center of Omaha in the heartland state of Nebraska.
They were drawn to Omaha by the annual shareholders meeting of Buffett's Berkshire Hathaway Holding Company, which gives them, and others like them, a chance to soak up the market-moving wisdom of the "Oracle of Omaha."
The Singhs are big admirers of Buffett's taste for discretion and his simple goal shrewd approach to investment.
"You only buy things that are useful," said Paul. "Money does not mean that you have to show off and buy a big torque (or) houses that you do not need."
Paul follows this advice in his own life: he sports no other showy external signs of wealth.
"I'm still driving my 2004 Honda … and I live with my parents," said Jay Phoenix, adding, "But Warren says, what matters is your long-term vision, your long-term plan."
$ 50 In His Pocket
Paul Singh arrived in the United States at the age of 20 to pursue his graduate studies with "50 dollars" in his pocket.
In India, he managed to gain acceptance at Harvard, where he earned an MBA degree in 1982.
Rushing the wave of telecom deregulation, he founded three successive companies, of which the latest – Primus Telecommunications – achieved turnover of $ 1 billion just six years after its creation.
In the 2000s, this father of two – married to a British woman – created the Rezon8 fund, investing in American startups specializing in software and information technology.
While Paul has been a mentor to his son, he did not give up the capital for his own startup: "I did not want my father to give me money," said Jay Phoenix. "I have some savings (and) … was able to count on it."
With PhDs in psychiatry and psychology, Jay Phoenix has been one of the most prestigious lecturers at the US and British universities (Princeton, Harvard, Oxford, Cambridge).
He established the Violence Research Center, dedicated to the study and prevention of interpersonal violence.
After selling it in 2017, he created TheModelMan.com, a matchmaking site for businessmen with no time to play.
Neither father nor his invests in stocks, preferring the exchange-traded funds (ETFs) that are less speculative but still provide attractive returns.
"I'm trying to become (financially) literate the last couple of years … about different kinds of securities, like stocks and bonds etc. – and the living legend of this is Warren Buffett," said Jay Phoenix.
Among the lessons the Singhs have learned from studying Buffett's now famous letters to investors: invest for the long term, and do not be afraid to make a mistake.
"Those lessons are good lessons … not being scared by things," said Paul Singh. "Sometimes the market goes down and other times it goes up."
"It's very refreshing, you do not see or hear that on Wall Street."
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