Warren Buffett’s Final Bow: Legacy, Lessons, and the Cost of Greatness
This week is an ode to the GOAT: Warren Buffett
Nobody was surprised when the Oracle of Omaha announced he’d be hanging up his cleats. In the final moments of Berkshire Hathaway’s annual shareholder meeting on Saturday, May 3, Buffett offered just a few sentences to the tens of thousands in attendance. He outlined that his mentee, Greg Abel, will assume the CEO role, while the world’s sixth-richest man will remain an advisor to the trillion-dollar market cap company.
Buffett, of course, transcended finance. His stock-picking skills were elite, but maybe more impressive has been the durability of his prowess. Much like Jack Nicklaus in golf, it wasn’t so much any single period of dominance in his craft, but a decades-long stretch of excellence in execution. As consistent as the demand for Snickers bars, none of us can match his portfolio management acumen, but we can take a cue or two from his discipline and dedication.
Small business owners know that success doesn’t come from a lucky streak. Rather, foresight, strategy, and risk management drive long-term growth. Buffett embraced that approach, famous for carrying around financial statements and bouncing ideas off Charlie Munger, his stock-picking partner. To this day, he strives to be better at what he does, and that will hold true even after he steps aside at the end of this year.
Yes, Buffett is an American icon, on the investing Mount Rushmore of one. His unfathomable 5,500,000% return since performance records go back won’t be touched, just like an insurmountable sports record. But like so many geniuses, his personal life lacked balance; he wasn’t the world’s greatest husband or father.
To be clear, he was by no means a poor family man, but his work was his passion. It’s a reminder that while work is important, by the time you and I are 94 years old, we don’t want to regret not taking that extra vacation with loved ones, or opting for a Saturday session at the office instead of soaking in a child’s little league game.
And there’s more to Buffett than his folksy reputation. Dig into the details and stories from his colleagues, and you’ll quickly realize that he was a shrewd, even cold businessman. Coke in hand and candy in tote, he only entered deals where he had the utmost confidence that he and Berkshire’s shareholders would come out ahead—he took no prisoners when dealmaking.
Buffett’s brilliance is unmatched, and his legacy will endure for the ages. Still, balancing work and home life is key, particularly as your success grows.
