“I get to do what I like to do every single day of the year,” says Buffett. “I tap dance to work, and when I get there, I think I’m supposed to lie on my back and paint the ceiling. It’s tremendous fun.”
He is the second richest man in the world and arguably the most successful American investor in history. Although Buffett has not strayed far from his Nebraska upbringings, his career has soared for over 50 years. How did this once shy boy who took a Dale Carnegie course on public speaking rise to become the stock market guru that he is today?
Brutal Honesty: “Wide diversification is only required when investors do not understand what they are doing,” says Buffett. He admitted to himself his strengths and weaknesses, both in terms of skills and knowledge, and made his business decisions accordingly. He was not ashamed to stick to what he knew best – what he called his “circle of competence” – and indeed, by doing so, was able to master the market.
Sense of Humour: “The only time to buy these is on a day with no ‘y’ in it,” Buffett once said of the stock market. Whether he was quoting Mae West for investment advice or poking fun of his own shortcomings, Buffett maintained his wit and enjoyed showing it off. He was serious when it came to his business, to be sure, but no one was going to tell Buffett that he couldn’t have some laughs at the same time.
Modesty: Buffett hated waste and excess and throughout his career strived to set an example of a more economical corporate America. Except for the fact that he was worth billions of dollars, Buffett was just like every other American. He lived in a modest house, drove a modest car and ate at McDonald’s. He prized the value of a dollar and strove to incorporate that message from his company on down to his children. Buffett wasn’t in it for the money.
Respect: “All of you do a first-class job in running your operations with your own individual styles,” Buffet told his managers. “We are going to keep it that way. You can talk to me about what is going on as little or as much as you wish.” He understood the importance of having good people around him and treated them with the respect they deserved. It was this kind of consideration that Buffett paid to not only his staff, but also to his shareholders and the media.
Instinct: “We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely,” says Buffett. “All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.” The media called him conservative, Wall Street said he was out of touch with the times, but Buffett followed his instincts to guide his business decisions and it paid off.
“I really like my life,” says Buffett. “I've arranged my life so that I can do what I want.” Buffett continues to go to work everyday as Chairman and CEO of Berkshire Hathaway, of which he still owns 40%. And, he will continue to do so until his board ousts him “from my decay, particularly if this decay is accompanied by my delusional thinking that I am reaching new peaks of managerial brilliance.” But, for now, Buffett says he is feeling “terrific”.
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