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Warren Buffett's final shareholder letter [pdf]

https://berkshirehathaway.com/news/nov1025.pdf
145•philip1209•3h ago

Comments

Flatcircle•3h ago
classy to the end
gwbas1c•3h ago
> In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6-7-minute drive from the office building where I have worked for 64 years.

Is Warren Buffett getting into the meme too?

bfkwlfkjf•2h ago
What's the meme?
nocoiner•2h ago
It’s literally just saying 6-7. No, I don’t get it either. My kids thought it was hilarious to watch me grapple with it, though.
bfkwlfkjf•2h ago
https://en.wikipedia.org/wiki/6-7_(meme)
usefulcat•2h ago
I don't get it either but me using it is a great way to annoy my kids.
IncreasePosts•2h ago
It originated as a brag - a basketball player said it like "I am 6' 7", therefore I am a high quality male and women should reproduce with me". Then shorter people picked up on it
johnebgd•1h ago
It’s the Waaaasssssuuuupppp of the Gen Alpha.
ProllyInfamous•1h ago
Your comment finally allowed me to understand 6-7 (older millenial)...

Now get off my lawn, Shorty... or pick up the phone.

throw0101a•1h ago
> It’s literally just saying 6-7. No, I don’t get it either.

A linguist goes into the meme and it's history:

* https://www.youtube.com/watch?v=laZpTO7IFtA

You not getting it is the main point of the saying: it's slang term that young folks (in-group) are using to differentiate themselves from the not-young folks (out-group).

wodenokoto•41m ago
Sounds like the point was both achieved and obvious.
gwbas1c•18m ago
It just gets stuck in your head and is something to laugh at. The kids who are into it are too young to remember the other catch phrases we got into. My four year old repeats it all the time, which keeps it stuck in my head.

I'm just waiting for Sesame Street to declare 6 and 7 the numbers of the day.

sethev•2h ago
Hah - I think it's more likely that he has it timed and it literally takes between 6-7 minutes.
handfuloflight•2h ago
End of an era.
bfkwlfkjf•2h ago
Here's a person with integrity. They're very rare these days, especially amongst the wealthy.
harry8•2h ago
He definitely wants us to think that about his integrity, his fans even more so and in fairness, he's pretty good. Not quite the sunday-school capitalism perfection that some would have us believe. Which can grate a bit if you've looked in detail at his career.
jrflowers•1h ago
I’ve never quite understood the meme about Warren Buffett being a More Ethical Billionaire™. The defenses are always like “It’s not fair to judge him solely for BNSF giving rail workers one paid sick day per year because he also owns GEICO, which settled a suit last year about (among other things) illegally surveilling and telling employees to call the police on people that approached them about unionizing”
ralph84•13m ago
Yeah he’s not quite Jack Welch level of dissonance between reality and his fanboys, but he’s hardly some superhero for profiting from the great financialization of the US economy. He made sure his book got bailed out during the GFC. He cheered on Wells Fargo while they opened up a bunch of fraudulent accounts. And so on.
chasil•1h ago
Alas, this is not his only foible.

https://www.cnbc.com/2015/05/02/warren-buffett-defends-clayt...

chasil•24m ago
Still, some nostalgia and romance is called for.

"Moon River" is appropriate. I've seen him a few times in Omaha at the stadium. I guess that forgiveness is best for most everything.

After all, that's what I want for myself.

https://m.youtube.com/watch?v=uirBWk-qd9A

absurdity67•2h ago
What are the odds of all these hugely successful people living a stone's throw from each other in middle of nowhere Nebraska?

Obviously there is something going on there, magic, lots of minerals in the water, something...

IncreasePosts•2h ago
Maybe it just shows that opportunity is the most important aspect of (some measure of) success. It's not that these were one in a billion folks. Maybe buffett himself was one in a billion, and by just giving the normies around him opportunities, many of them made something massive out of it
Mistletoe•2h ago
If you are younger than 95, you are richer than Warren. Time is our finite resource and I'm sure he would give anything to trade places with you. Spend your riches wisely.
MichaelZuo•2h ago
A 25-30 year old man with all the accumulated wisdom and life experiences of a 95 year old highly successful man… would literally have opportunities worth many trillions of dollars?

Because they would literally be multiple times better than the next most competent person on Earth of a similar age, and literally dozens of times better than even the median unicorn founder.

So it seems like a given that the relatively paltry sum that Berskhire controls would be insignificant in comparison.

jacobkranz•1h ago
With all due respect, I think your analysis is wrong. He points out how much luck plays into everything and so even if someone younger with 95 year experience came out I think he'd point out that in the end there's an element of luck to everything. The world isn't deterministic.
saalweachter•1h ago
Would you rather be 95 years old with a trillion dollars or 25 years old with a thousand?
conception•1h ago
This is actually a pretty hard question for me because you’re basically asking. Do you want the power to be able to change the world in radical ways by giving up your life? Suicidal Brewster’s millions..
IAmGraydon•47m ago
I would rather be 25 with zero dollars than 95 with infinite dollars. At 95, you’re just waiting for it to be your turn.
noname123•44m ago
If picking as a finishing poker position, I'd definitely to end up as the 95 year old with a trillion dollars. When you're 95, life is about reflecting and living more with the past - and I like reflecting about that outcome with its share of certainly many greats and bads it takes to accumulate that kind of fortune. 25 years old with a thousand dollar on the other hand, statistically speaking, is starting and will finish with mediocre chip stack. Just the laws of averages sorry.

If picking as a starting poker position, I'd definitely want to be the 25 year old with a thousand because you'll be able to play more hands and have more experiences and hopefully have more fun even if you'll most likely end up very average or lose your entire chip-stack. I guess what I'm saying is there's no virtue in poverty and no guarantee wealth will bring you ultimate satisfaction either. Your choice is a false mutual exclusivity imho (in that everyone is 25 AND 95 [assuming that that they in everyone lives to 95], someone wanting to be 25 again doesn't imply that their previous journey to 95 is somehow intrinsically worth less - like an adrenaline junkie wanting to ride again the rollercoaster he just got off from).

harry8•5m ago
It's not a poker position. It is everything.

At 95 you're a lot closer to the end of everything than the start, your body is really giving up and it is exceedingly difficult to enjoy anything much.

The speculation is that buffet would likely give up his entire wealth and have his expertise wiped to wind back his biological clock 70 years. Would he? I don't know, ask him maybe.

What can you do with $100m at 95 you would actually enjoy? Again ask him. Or any elderly friend or relative. It is unlike to be a fun conversation, at least in my experience.

At 25 if you have a windfall of only $1000 you've likely got some ideas!

coliveira•41m ago
Depending on what you want to do in life, a trillion dollars will not help and it may even stop you from doing many things you would like to do otherwise.
summa_tech•40m ago
The thing is, when you're 95 years old with a trillion dollars, you have lived 70 years making a trillion dollars (which can be quite fun! Warren B certainly seems to have enjoyed it) and along the way you've - no doubt - spent a decent amount of time as a billionaire. Do not discount the part of life behind you... it's just as real as the part ahead.
neilv•1h ago
If only more billionaires would start sounding as aware as this 95 year-old one:

> But Lady Luck is fickle and – no other term fits – wildly unfair. 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. Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse.

> I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck. My sisters had equal intelligence and better personalities than I but faced a much different outlook.

> [...] A Few Final Thoughts [remaining 7 paragraphs possibly directed at current events]

andsoitis•1h ago
> Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse.

Yes, this sounds unfair to our individualist ear. However, I am also cognizant that there could be another lens that is more top down, not acknowledging our sense of individuality, but rather a layer at the species level with crests and troughs distributed and fluctuating across the individuals that come into existence and whose offspring HAS to be affected by the uneven environment in which they find themselves.

An organic feature of the natural world?

Tostino•56m ago
What other creatures show this kind of hoarding pattern in nature?

Storing more of a thing than can (reasonably) be used in hundreds, or thousands of lifetimes?

I don't know of any (others) that do so, and then pass the hoard down through the generations.

tomrod•34m ago
Chipmunks and Squirrels.
marcus_holmes•11m ago
I have found that it's incredibly hard to get successful entrepreneurs to acknowledge that a lot of their success is down to luck. I think it's got something to do with the Protestant Work Ethic - that if they were smart and worked hard then they "deserve" their wealth , but if they just got lucky they don't "deserve" it. So acknowledging that luck played an important part in their success gives them bad feelings, and they don't want to feel bad.

Conversely there's a lot of unsuccessful entrepreneurs who blame bad luck entirely for their failures. There's a lot of "I didn't deserve that. I worked hard, I made smart decisions. I should have succeeded".

jpster•12m ago
So it will be the Greg Abel show during the next meeting in Omaha? Unenviable task. The crowd will be very supportive but those are huge shoes to fill.
ProllyInfamous•8m ago
>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.

God speed, dearest Oracle of Omaha.

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Warren Buffett's final shareholder letter [pdf]

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