Ace investor Warren Buffett, the CEO of Berkshire Hathaway, has placed his trust in successor Greg Abel, to lead the $1.2 trillion empire. At the 2004 annual shareholders’ meeting, a 14-year-old boy from California asked a question from Buffett for which he gave one piece of lasting wisdom. “What advice would you give a young person like me on how to be successful?” asked Justin Fong, a young shareholder at the time. Buffett gave a simple, yet thought-provoking answer: “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction,” he was quoted as saying by the Fortune.
He went on to say that young professionals should spend time with people who are “better” than them, although he didn’t elaborate on what exactly that meant. Still, Buffett’s former business partner, the late Berkshire Hathaway vice chairman Charlie Munger, echoed the sentiment. “If this gives you a little temporary unpopularity with your peer group, the hell with ’em,” Munger said.
Warren Buffett retires as Berkshire Hathaway CEO
Warren Buffett has retired as the CEO of Berkshire Hathaway. At 95, the “Oracle of Omaha” has enjoyed a career spanning decades, marked by landmark acquisitions, including the Burlington Northern railroad, and decades of value investing rooted in the principles of Benjamin Graham. His annual letters—rich with insight and memorable quotes—have long been regarded as essential reading for investors across the globe. In his final shareholder letter, Warren Buffett had said he’d be “going quiet” after his retirement, but his endless career advice will continue to live on.
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Known as the “Oracle of Omaha,” Warren Buffett is one of the most successful investors of all time. The son of a US congressman, he first bought stock at age 11 and first filed taxes at age 13, as per Forbes. He has promised to donate over 99% of his wealth. So far, he has given away nearly $65 billion, mostly through the Gates Foundation and his kids’ foundations. In 2010, Warren Buffett and Bill Gates launched the Giving Pledge, asking other billionaires to commit to donating at least half of their fortunes to charitable causes.
What executives say about Warren Buffett’s advice
Several other executives and successful businesspeople have given similar advice to younger generations: Spend time with people you wish to emulate. Billionaire Virgin Atlantic cofounder Richard Branson wrote in a 2023 LinkedIn post that people should surround themselves with those who are “smarter than you.”
“Give them everything they need to grow, and your business will thrive,” he continued. Apple cofounder Steve Jobs also gave similar advice in a 1992 lecture, saying it just makes plain sense to hire smart people. “It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do,” he said.
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Academic research suggests that working alongside high achievers can significantly benefit professionals. A 2017 study by Northwestern University’s Kellogg School of Management found that employees seated within 25 feet of a top performer improved their speed or quality of work by as much as 15%, translating into an estimated $1 million in additional annual profits for each firm.
“The beautiful part of it is that when we put these people together, they’re not going to materially suffer on the area of strength,” Dylan Minor, one of the researchers on the study and a former Kellogg faculty member, told Fortune. “They’re only going to improve on their area of weakness.”