This week, Buffett announced he’s “going quiet.” No more letters in the annual report, no more Q&A at the shareholder meeting.

In a poignant message, Buffett reflected on his life and building Berkshire. 

“I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.”

Success Through Patience

“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.”

Imagine going to the same building and doing the same job for 64 years. Few have the patience.

No wonder Buffett became such an incredible investor. 

Charlie Munger said that Buffett’s skills “markedly increased since he turned 65.” Buffett’s knowledge compounded along with his capital. 

It’s easy to become impatient and expect success overnight. I struggle with that. But if Buffett had to wait for it, so do we.

Part of that is accepting the mistakes along the way. 

Warren’s Advice for Life

From where I sit, Buffett seems perfect. But he’s quick to disabuse us of that notion:

“My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them.”

If he’s entitled to a few mistakes, so are we.

Buffett often talks about the importance of choosing the right heroes. He’s always been a hero of mine.

Buffett came from the middle of nowhere. He used his powers of analysis to build something incredible. 

Growing up in a small town in northern Wisconsin, that spoke to me. If he could do it, maybe I could too. 

Wrap-Up

I’m going to really miss Warren’s letter in the annual report. But Warren isn’t going silent altogether. 

He will write an annual Thanksgiving message to shareholders. I can’t wait to read them!

I’ll leave you with a wonderful thought from Warren:

“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.”

More on investing: 

Buffett’s Annual Letter

Poor Charlie’s Almanack

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