Warren Buffett Closing Words In Final Annual Letter (1 Viewer)

[Joe Bryant]

Warren Buffett dropped these truth bombs as he closed his final Annual Letter to shareholders today with this.

"A Few Final Thoughts

One perhaps self-serving observation: I’m happy to say I feel better about the second half of my life than the first.

My advice: Don’t beat yourself up over past mistakes — learn at least a little from them and move on. It is never too late to improve.

Get the right heroes and copy them. You can start with Tom Murphy; he was the best.

Remember Alfred Nobel, later of Nobel Prize fame, who — reportedly — read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up.

He was horrified at what he read and realized he should change his behavior.

Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.

Greatness does not come about through accumulating great amounts of money, great amounts of publicity, or great power in government.

When you help someone in any of thousands of ways, you help the world.

Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.

I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however).

Keep in mind that the cleaning lady is as much a human being as the Chairman.

I wish all who read this a very happy Thanksgiving.

Yes, even the jerks; it’s never too late to change.

Remember to thank America for maximizing your opportunities.

But it is — inevitably — capricious and sometimes venal in distributing its rewards.

Choose your heroes very carefully and then emulate them.

You will never be perfect, but you can always be better.”

 

[TripItUp]

A little preachy, but strong life principles to be certain.

 

[rockaction]

Not everything has to be pyrotechnics to be solid advice. Probably didn’t need the reminder about the cleaning lady. Sounds like he’s reminding himself.

But hey, nice sentiments. That he still is cognizant enough to pay it even lip service speaks well of him.

 

[General Malaise]

The man eats a cheeseburger with a Cherry Coke back several times per week. Take that Heart Association!

Good stuff. Buffet is a hero to many investors, myself included. He makes it simple to understand. Buy stocks in companies you like and use and avoid ones you don't. His advice here aligns perfectly with his investment advice. Keep it simple. Learn from mistakes.

 

[foxco]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

 

[Fat Nick]

The man eats a cheeseburger with a Cherry Coke back several times per week. Take that Heart Association!

Good stuff. Buffet is a hero to many investors, myself included. He makes it simple to understand. Buy stocks in companies you like and use and avoid ones you don't. His advice here aligns perfectly with his investment advice. Keep it simple. Learn from mistakes.

When I was getting my MBA, we took a trip to Omaha and got to meet Mr. Buffett - we also went to grab lunch with him at Gorat's, which is famously his favorite place in Omaha. The man likes what he likes - that place looked like it hadn't been updated since the 70's, and the food was nothing to write home about, but Mr. Buffett loved it just the same. We gave him a small token of our appreciation for his time, and I'll never forget - he asked us to run it out to his car for him, saying, "It's the brown Cadillac outside - it's unlocked."

Sure enough, his car was a late-model Cadillac - maybe a Seville (It was 2008...) and it was unlocked. I remember thinking - one of the richest men in the world is just out here living his best life...which to him is living in an average house in Omaha, Nebraska, driving an old Cadillac sedan, not worrying about anything, eating at his favorite restaurant.

I want that to be my best life - not that exactly, but that level of comfort...to be completely able to be whomever you want to be, wherever you want to be, and do whatever you want, but choose to enjoy the simple things as often as you want to.

 

[El Floppo]

When you help someone in any of thousands of ways, you help the world.

I had a really lovely client years ago- the director **** Donner- who was talking about donating for some wonderful sea-related charity (iirc, he was helping fund some research center). I was (am) a broke architect and offered some form of appreciation about it, and lamented not being able to do something similar. He said something very similar to Warren- not the amount, but the intent and the act of doing something, anything- however small- to make the world a little better.

That's been an leitmotif of my parenting approach telling my kids to try to see how to make any situation or place they're in better (or at least not worse!).

 

[Fat Nick]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

I agree 100% - you can learn a lot about a person's character by watching how they talk to waiters/waitresses, cleaning staff, janitors, etc. My MIL talks to service people like they are indentured servants and it drives me mad.

 

[Joe Bryant]

When you help someone in any of thousands of ways, you help the world.

I had a really lovely client years ago- the director **** Donner- who was talking about donating for some wonderful sea-related charity (iirc, he was helping fund some research center). I was (am) a broke architect and offered some form of appreciation about it, and lamented not being able to do something similar. He said something very similar to Warren- not the amount, but the intent and the act of doing something, anything- however small- to make the world a little better.

That's been an leitmotif of my parenting approach telling my kids to try to see how to make any situation or place they're in better (or at least not worse!).

Agreed. I see sometimes people think they have to do some big grand thing or nothing at all. And I think the reality is that the intent and posture of one's heart toward something is a big deal. Doesn't have to be a huge thing.

 

[rockaction]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

oh no. it's very important. I thought within the context of the letter it felt weird and knowing how rich he is — you know what? it's a good sentiment. it felt like he was slumming it with that one, and that means i think it's important to treat everybody the same but that seemed tonally performative.

they were great thoughts. I wanted to compliment so take it in that spirit, I guess. I just cringed a little bit over that line. he probably fully means it. felt trite, too. heh. listen to me. no good deed going unpunished.

¯\_(ツ)_/¯

 

[bigbottom]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

oh no. it's very important. I thought within the context of the letter it felt weird and knowing how rich he is — you know what? it's a good sentiment. it felt like he was slumming it with that one, and that means i think it's important to treat everybody the same but that seemed tonally performative.

they were great thoughts. I wanted to compliment so take it in that spirit, I guess. I just cringed a little bit over that line. he probably fully means it. felt trite, too. heh. listen to me. no good deed going unpunished.

¯\_(ツ)_/¯

Isn’t Buffet the one who famously stated that his secretary paid taxes at a higher rate than he did as a billionaire? If so, it seems that this quote is in keeping with that theme.

 

[rockaction]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

oh no. it's very important. I thought within the context of the letter it felt weird and knowing how rich he is — you know what? it's a good sentiment. it felt like he was slumming it with that one, and that means i think it's important to treat everybody the same but that seemed tonally performative.

they were great thoughts. I wanted to compliment so take it in that spirit, I guess. I just cringed a little bit over that line. he probably fully means it. felt trite, too. heh. listen to me. no good deed going unpunished.

¯\_(ツ)_/¯

Isn’t Buffet the one who famously stated that his secretary paid taxes at a higher rate than he did as a billionaire? If so, it seems that this quote is in keeping with that theme.

LOL. "Well, hot damn let me make this limo lib talking point by being not a dinosaur at all but by pointing out that my lowly secretary pays more in taxes than I do. Did I ever tell you all how much i tip the cleaning lady and how her green card is expiring, so there'd be no oranges in my fridge if it weren't for my immigrant friend Juan Pablo over here?!" (cue smiling, mustachioed Juan)

 

[bigbottom]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

oh no. it's very important. I thought within the context of the letter it felt weird and knowing how rich he is — you know what? it's a good sentiment. it felt like he was slumming it with that one, and that means i think it's important to treat everybody the same but that seemed tonally performative.

they were great thoughts. I wanted to compliment so take it in that spirit, I guess. I just cringed a little bit over that line. he probably fully means it. felt trite, too. heh. listen to me. no good deed going unpunished.

¯\_(ツ)_/¯

Isn’t Buffet the one who famously stated that his secretary paid taxes at a higher rate than he did as a billionaire? If so, it seems that this quote is in keeping with that theme.

LOL. "Well, hot damn let me make this limo lib talking point by being not a dinosaur at all but by pointing out that my lowly secretary pays more in taxes than I do. Did I ever tell you all how much i tip the cleaning lady and how her green card is expiring, so there'd be no oranges in my fridge if it weren't for my immigrant friend Juan Pablo over here?!" (cue smiling, mustachioed Juan)

Okay, I’ll put you squarely in the he’s being performative camp.

 

[Joe Bryant]

The man eats a cheeseburger with a Cherry Coke back several times per week. Take that Heart Association!

Good stuff. Buffet is a hero to many investors, myself included. He makes it simple to understand. Buy stocks in companies you like and use and avoid ones you don't. His advice here aligns perfectly with his investment advice. Keep it simple. Learn from mistakes.

When I was getting my MBA, we took a trip to Omaha and got to meet Mr. Buffett - we also went to grab lunch with him at Gorat's, which is famously his favorite place in Omaha. The man likes what he likes - that place looked like it hadn't been updated since the 70's, and the food was nothing to write home about, but Mr. Buffett loved it just the same. We gave him a small token of our appreciation for his time, and I'll never forget - he asked us to run it out to his car for him, saying, "It's the brown Cadillac outside - it's unlocked."

Sure enough, his car was a late-model Cadillac - maybe a Seville (It was 2008...) and it was unlocked. I remember thinking - one of the richest men in the world is just out here living his best life...which to him is living in an average house in Omaha, Nebraska, driving an old Cadillac sedan, not worrying about anything, eating at his favorite restaurant.

I want that to be my best life - not that exactly, but that level of comfort...to be completely able to be whomever you want to be, wherever you want to be, and do whatever you want, but choose to enjoy the simple things as often as you want to.

That's awesome. I have a friend who had a similar experience. He does a lot of that bringing in young people I think. So good on so many levels.

Young people get an awesome experience. I'm sure it's massively personally rewarding for him. And from a business sense, I doubt it's why he does it, but it's incredible PR.

Super smart.

 

[Joe Bryant]

This was a good podcast I listened to last week.

https://youtu.be/kGnBwjOzuSQ

It's Tracy Britt-Cool. She was a key player at Berkshire Hathaway and talks some on the business lessons she learned.

 

[rockaction]

Probably didn’t need the reminder about the cleaning lady.

I dunno, to me that's as important as anything else in there especially these days. IMHO many, many people need this reminder on all sides.

oh no. it's very important. I thought within the context of the letter it felt weird and knowing how rich he is — you know what? it's a good sentiment. it felt like he was slumming it with that one, and that means i think it's important to treat everybody the same but that seemed tonally performative.

they were great thoughts. I wanted to compliment so take it in that spirit, I guess. I just cringed a little bit over that line. he probably fully means it. felt trite, too. heh. listen to me. no good deed going unpunished.

¯\_(ツ)_/¯

Isn’t Buffet the one who famously stated that his secretary paid taxes at a higher rate than he did as a billionaire? If so, it seems that this quote is in keeping with that theme.

LOL. "Well, hot damn let me make this limo lib talking point by being not a dinosaur at all but by pointing out that my lowly secretary pays more in taxes than I do. Did I ever tell you all how much i tip the cleaning lady and how her green card is expiring, so there'd be no oranges in my fridge if it weren't for my immigrant friend Juan Pablo over here?!" (cue smiling, mustachioed Juan)

Okay, I’ll put you squarely in the he’s being performative camp.

I was actually just riffing on a trope. It's not how I feel about him. I just thought—well, I read an article about how he wrote that letter about his admin assistant (secretary) and she wound up at a State of the Union with Pres. Obama while he passed a millionaires' tax loophole provision and the whole thing just reeked of staging and presentation and contrivance; from the letter onward, so I took that a step further.