Buffett's Final Letter

When my wife and I moved to Wisconsin in 2014, we didn't know anyone.

My wife worked at Lululemon on Saturdays, so I was alone. And bored. 

I started studying Warren Buffett.

I read all the Berkshire Hathaway shareholder letters from 1965 to the present.

Fresh out of investment banking, I was trained to run models for quick wins. Buffett's letters felt contrarian. But his performance was indisputable.

Buffett opened my eyes to thinking longer term. Being more patient.

(If you are unfamiliar with the Berkshire shareholder letters I’d recommend starting with The Essays of Warren Buffett. It’s organized by topics for a practical introduction to his content.)

After a decade of studying his work, he's quietly stepping down from Berkshire Hathaway. He announced it in his most recent shareholder letter: here.

In his final letter, he wasn't focused on markets, money, or mergers.

He was talking about life. About wisdom.

Here's my favorite line:

“Keep in mind that the cleaning lady is as much a human being as the Chairman.”

Buffett has the world's attention in his final letter, and he's highlighting humanity.

He’s one of the core professors of building for centuries. He has a PhD in compounding. He understands the beauty and power of doing things over a very long time.

He understands that to play the long game, wisdom and relationships must be cultivated.

His last letter showcases stewardship, demonstrating his profound understanding that humanity is the whole point of this game.

I will forever be impacted by his message because he was a walking testament to playing the game for decades.

That's what you and I can do in our family businesses. We can be like Berkshire Hathaway in this respect.

We can hold our position for decades leading to centuries.

Buffett is leaving quietly, but it's profound. Leaving while you're on top is rare. Most people's egos demand playing king of the mountain.

Buffett is clearly a steward. He's done the inside work to know it's time.

I love that Buffett included in his last letter that we're all human beings.

The lens of wisdom reminds us we're interdependent. We need each other.

At Century, we talk about walking each other home.

We're doing that in our business.

We're doing that with our family.

We get to humbly walk each other home in our family business in a way no other type of business can.

How can you share a message of wisdom with your team this week? How can you bring your team along on a richer journey filled with wisdom and relationships?

Onward,

Matt