Warren Buffett's one-foot walls: why the easier deal is often the better one
Warren Buffett has said there are one-foot walls and ten-foot walls, and the prize on the other side can be the same. Richard C. Wilson uses the line in his 2026 bootcamp when he talks about studying your market before you take big risks with investor money.
The idea
If two opportunities pay about the same, climb the short wall. Many people assume a deal is more valuable because it is harder. Richard turns that around. Most valuable things take hard work, but plenty of hard work produces nothing of value.
Where it shows up in Richard's talk
He raises it in the section on analyzing your environment. A first-time fund manager with $5 to $10 million under management may not be able to charge the standard 2 and 20. That manager may need to offer founder shares, downside protection, takeover rights or board rights to make up for the risk. Climbing a ten-foot wall with someone else's money calls for extra protection for that investor.
The people version
Richard ties it to partners and staff too. A bad business partner or employee is a ten-foot wall you keep climbing every week. He says most people look back and wonder why they did not act sooner.
In Richard's words
"Warren Buffett says there are 1-foot walls and 10-foot walls. It might be the same price on the other side, so he looks for 1-foot walls." (Richard C. Wilson, 2026 bootcamp, about 3:06:16)
"not everything that takes a lot of hard work is valuable, right?" (about 3:06:29)
"You need to do something to address the big risk, and just keep that in mind." (about 3:06:01)
How to use this
- Before you commit, list the walls in front of each option. Licensing, a new team or a market you do not know all count.
- If two deals have similar upside, take the one with fewer walls.
- If you have to climb the high wall with investor money, protect them. Richard lists founder shares, downside protection, takeover rights and board rights.
- Treat a draining partner or hire as a wall too. Fixing it early is usually the one-foot option.
Questions and answers
What does Warren Buffett mean by one-foot walls?
He means you do not get paid more for picking a harder problem. If the reward is the same, step over the one-foot wall and skip the ten-foot one.
How does Richard C. Wilson apply it to capital raising?
He tells newer fund managers to study their market first. If they take a hard path with investor money, they should offer extra protection such as founder shares, downside protection or takeover rights.
Is hard work still important?
Yes. Richard's point is that most valuable things take hard work, but hard work alone does not make something valuable. Choose where you put it.