The Best Thing I Learned From Warren Buffett
It has nothing to do with money.
“We feel noble intentions should be checked periodically against results.”
— Warren Buffett
Have you ever had someone pick you up after you go through a painful experience?
So many of the best life lessons occur after we go through pain.
My girlfriend had just dumped me.
I was crushed.
My dad saw that, and invited me to go to Omaha with him.
Omaha: home of Warren Buffett and his company, Berkshire Hathaway.
And the location of the annual pilgrimage — the shareholder meeting for Berkshire.
During those few days, I heard Warren Buffett say one thing that changed my life.
. . .
The Shareholder Meeting
“An investment in knowledge pays the best interest.”
— Benjamin Franklin
I was in my early 20s and my dad thought I needed some direction.
So we went to Omaha to see Warren Buffett.
The entire experience was amazing. I had attended huge sporting events in the past. People at those sporting events scream, cry, and cheer.
But this was the first time when I saw thousands of people scream, cry, and cheer… for a business.
Berkshire Hathaway fascinated me. Why did all of these wealthy people come to Nebraska to listen to one man speak?
I remember seeing famous business owners. I think Bill Gates was there. And the CEO of Disney. It was a room of business celebrities.
I heard many amazing speakers and presentations. I met incredible people during the meetings and also at dinners.
But the best thing I heard had nothing to do with business. And possibly everything.
. . .
Advice to a Young Man
“Money often costs too much.”
— Ralph Waldo Emerson
After many of the meetings and presentations finished, a question and answer period started. On the panel were Warren Buffett, Charlie Munger, and possibly a few others.
Men in suits stood up to microphones and asked these billionaires about the economy, money, and investments. I will admit that I was starting to tune out.
Until a 12-year old boy walked up to the microphone.
Mr. Buffett, what advice would you give a 12-year old like me if I want to be successful?
I immediately sat up in my seat. The question created a notable release in the huge arena. It was as if most of the people felt like they could take a break now that “the kid’s question” was going to be addressed.
But my attention peaked. Here was an answer that I might be able to understand and apply immediately.
Here is what I remember from the answer from Warren Buffett, on his advice to a 12-year old.
He started cryptically.
Imagine that every car cost a dollar.
Okay.
And that you had to purchase one car right now for that one dollar.
Picked it. Sweet car.
But you could only buy one car. That one car would have to last you for your entire life. If something happens to this car, you can’t get another one. Which car would you buy?
Dang. This is harder now.
Since this one car has to last your entire life, imagine how well you would treat this car.
How often would you change the oil?
How quickly would you get repairs and maintenance done?
How often would you wash it?
How fast would you drive?
Who would you let into your car?
How mad would you get if someone dinged your door or scratched the side?
And then he made the point…
The truth is we are all given something similar to the car in this example…
We are given one body.
We pay nearly nothing for it, but we only get one. And once our body is done, we are done.
But most people treat their body like they can easily get another one. And most people treat their own cars better than they treat their bodies.
Your health is not something to take for granted.
The brilliance of this answer still impacts me today.
First, the bravery of a young kid to ask Warren Buffett a question — in front of thousands of investors, all of which were wealthy enough to buy at least a single share of Buffett’s company.
And second, the courage of Mr. Buffett to turn the answer into a warning to those in the audience.
Take care of your health. Make it important. Money, success, and power are not more important than your health.
. . .
A Single Dream…
“A man with his health has many dreams. A man without his health has one.”
— Proverb
I am sure many in the audience would want to hear other types of advice from Warren Buffett. And many people reading this article as well.
But there is a certain profoundness to Mr. Buffett’s advice to the 12-year old. And I suspect strongly that the advice was not just meant for the kid, but for the entire room of power brokers and millionaires.
And for you and me as well.
. . .
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