I admire Warren Buffett for many reasons. Many people do. He’s a legendary stockpicker that outperforms the market (read: real alpha). Ironically, he also believes that most people should NOT follow his footsteps – but instead, invest in passively managed index funds. Hmm. Yes, he’s crazy wealthy ($60 Billion+), and yet has such modest tastes.
He’s incredibly folksy, grateful, comfortable in his own skin, wise, and generous. The best of America.
I have been reading Snowball: Warren Buffett and the Business of Life (affiliate link) on and off again for eight years. Yes, eight years. Kind of sad, I know. The book has been lying around my bookshelf, beach bag, bedside table, and finally in front of this computer. Thankfully I am close to done. As I tell my consultants, whatever you do . . read more books.
“You will be the same person in five years as you are today except for the people you meet and the books you read.” ― Charlie “Tremendous” Jones
Old fashioned.
Clearly, Buffett is exceptional in many ways – enormous wealth and billionaire-size generosity – but I love his old-fashioned American values. He has lived in same house for more than 50 years. He drives himself to work and carries his own luggage.
He has simple tastes. He goes to McDonald’, loves regular coke – yes, the regular kind. He plays internet bridge up to 12 hours a week. He likes what he likes. This is what an afternoon with him might look like.
Comfortable.
Buffett is perfectly happy to invest differently than others. He says his ideal investment time-horizon is forever. When asked why he did not invest in technology stocks (in the late 90s before the crash), he replied that he did not invest in things he did not understand. Since then, BRK now owns 6%+ of Apple.
Buffett lives in Omaha Nebraska deliberately. While many urged him to move to NYC – where the financial markets are – he doggedly stayed away, more focused on playing his own game than getting swept away in high finance. This reminds me of Chris Sacca’s self-exile away to Lake Tahoe and Montana away from the echo-chamber of Silicon Valley.
Grateful.
Buffett is a grateful person. He is often quoted as saying that he won “the Ovarian lottery” and was born into privilege.
Well I came up with that a long, long time ago to describe the situation that – I was lucky. I was born in the United States. The odds were 30 or 40-to-1 against that. I had some lucky genes. I was born at the right time. If I’d been born thousands of years ago I’d be some animal’s lunch because I can’t run very fast or climb trees.
I had the pleasure of hearing Buffett speak in 2004 and when someone asked him about America’s stance on immigration etc. . he replied, “If you were born in the United States, your glass if 95% full. You should remember that.”
In that same talk, he talked about the importance of friends. Real friends. He re-told a story from one of his best friends; she survived the Holocaust because one of her friends “hid” her from the Nazis. Buffett’s appeal to the audience. . . to think about your true friends, and ask “who would hide you?” BOOM.
Generous.
Buffett has long-ago, promised the majority of his wealth to philanthropy. One step further, he and the Gates started the giving pledge here. Currently, 209 billionaires are following their lead – agreeing to give away the majority of their wealth during their lifetime. Smart money.