In May, thousands gathered in Omaha, Nebraska, to attend Berkshire Hathaway Inc.'s annual shareholder meeting, eagerly anticipating insights from Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger. These two titans of investing, ages 93 and 99, respectively, have led one of the most profitable companies globally for nearly six decades and become beacons of wisdom on living a meaningful life.
In a session filled with advice, Buffett and Munger fielded questions about decision-making in life and business. Buffett, with his characteristic simplicity, offered a unique approach to life planning.
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“You should write your obituary and then try to figure out how to live up to it,” he said. This advice distills the essence of living a life that is true to one’s values and aspirations.
Munger, known for his directness, tackled the topic of success and its pitfalls. He stressed the importance of steering clear of negative influences.
"The great lesson of life is to get [toxic people] the hell out of your life — and do it fast," he said.
He didn’t stop there. His recipe for success included financial prudence, continuous learning and practicing deferred gratification.
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“It’s so simple to spend less than you earn and invest shrewdly and avoid toxic people and toxic activities and try and keep learning all your life and do a lot of deferred gratification," he said. "If you do all those things, you are almost certain to succeed. If you don’t, you’re going to need a lot of luck.”
Buffett, echoing Munger’s sentiments, added a note of caution about handling toxic relationships. While distancing oneself is important, he advised it should be done tactfully to avoid alienating people completely. He highlighted the importance of kindness and the value of friendships, contrasting it with the loneliness that can accompany wealth.
"I've never known anybody that was basically kind that died without friends," he said. "And I've known plenty of people with money that have died without friends."
The duo’s advice transcends the realm of investing, touching upon universal truths about human relationships, personal growth and leading a fulfilling life. Their words at the annual meeting serve as a reminder of the depth and breadth of their wisdom, offering guidance not just for financial success but for a well-lived life.
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