In Warren Buffett’s annual Thanksgiving message on Monday, the legendary investor reflected on some of the things that led to his success.
Buffett, who converted $1.35 billion of his Berkshire Hathaway shares to family foundation donations on Monday, has made promises to donate his wealth to charitable causes once he dies. He’s stepping down as CEO of Berkshire at the end of the year.
Buffett earned his nickname “the Oracle of Omaha” for his business acumen and his foresight in savvy investments. But he also credits much of his success to some simple rules and principles.
Live and work where you want—not where others suggest
Buffett’s teenage years were spent in Washington, DC with his politician father. He worked in Manhattan for a year and a half, but he’s been in Omaha since 1956. That’s his home, and he credits setting up shop in Middle America to some of his success. Omaha, for example, was where he met many of his closest advisors.
“Both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else,” Buffett said. “The center of the United States was a very good place to be born, to raise a family, and to build a business.”
Beware of envy
As the ultra-rich keep getting richer, Buffett (one of the world’s wealthiest) has frequently criticized wealth. He’s not leaving much money directly to his children, instead putting it in philanthropic foundations.
In the long run, greed can harm the financial well-being of a company, and Buffett has advised against letting an insatiable appetite for more wealth drive your business decisions.
“What often bothers very wealthy CEOs—they are human, after all—is that other CEOs are getting even richer,” Buffett said. “Envy and greed walk hand in hand.”
Don’t discount “dumb luck”
Buffett noted that he was lucky to be born healthy, white, male, and “reasonably intelligent” in America. He said if he’d been born in other parts of the world, he would have “faced a much different outlook.” A lot of success just comes down to chance, so the longer you work hard and stay in the game, the more opportunities you have to get lucky. Acknowledging the role luck plays can also help keep your ego in check.
“Lady Luck is fickle and—no other term fits—wildly unfair,” Buffett said. “In many cases, our leaders and the rich have received far more than their share of luck — which, too often, the recipients prefer not to acknowledge.”
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Ben Butler
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