Warren Buffett, the renowned investment mogul and chief executive of Berkshire Hathaway, recently shared his insights on career development and investment philosophy during the company’s annual shareholder meeting held on May 3. As he prepares to leave his leadership position by year’s end, Buffett has a crucial warning message. He challenges young professionals to pursue the things that inspire them, rather than pursuing the next dollar.
Buffett, who has transformed Berkshire Hathaway from a struggling textile company into a $1 trillion conglomerate, advocates for choosing careers that resonate with personal interests. He’s convinced that making people happy who you admire and can learn from is the key to lasting success. “Don’t worry too much about starting salaries and be very careful who you work for because you will take on the habits of the people around you,” he stated, underscoring the importance of a positive work environment.
In his 1996 letter to shareholders, Buffett famously remarked, “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.” This philosophy has carried over from investing to career decisions. He motivates young people to follow their interests into fulfilling careers that fit their skills. More fundamentally, he challenges them to seek jobs that allow them to grow as individuals.
Buffett views the current economic landscape as overflowing with opportunities. He has faith that young people have both the capability and interest to start the next Berkshire Hathaway sized ventures. He warns, don’t take too much risk in search of those short-term profits. His advice echoes throughout his various letters to shareholders where he emphasizes the necessity of focusing on fundamental principles while disregarding the fleeting trends that often characterize markets. “If very stupid things are happening around you, you do not want to participate,” he advised investors, reinforcing the idea of maintaining a level-headed approach.
Buffett has parlayed that modest upbringing into a phenomenal personal fortune of $160 billion. Publicly, he’s recognized as one of the wealthiest people in the world. In person, he’s humble and down-to-earth, and all the while, he’s thinking about the veterans and mentors who’ve shaped his path. “I’ve had five bosses in life and I liked every one of them — they were all interesting,” he shared. His experiences are a testament to the importance of placing yourself around passionate and well-informed people.
Buffett’s wisdom appeals to investors young and old alike, lured by his no-nonsense approach to investing and life. He is a strong advocate of the idea that successful investing takes time and dedication to one’s plan. “Investors need an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals,” he articulated in his 2018 letter to shareholders.