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Warren Buffett’s Era Ends. These 20 Lessons Still Shape Smart Wealth
Warren Buffett is stepping down as CEO of Berkshire Hathaway. It wasn’t shocking news—but it still matters. For decades, when everyone else was selling hype, Buffett sold clarity. This moment marks more than a transition. It’s a chance to refocus on what actually drives success—financially and otherwise.
Here are 20 lessons from his life and legacy that every thoughtful decision-maker should keep in their toolkit.
1. Time Is the Real Currency
“I can buy anything I want, but I can’t buy time.” Buffett has said this for decades—it’s a core theme in interviews and speeches going back to the Gates Foundation Q&A (2010).
2. Prioritize Ruthlessly
“The difference between successful people and really successful people is that really successful people say no to almost everything.” Popularized by James Clear and Farnam Street, this quote traces back to Buffett through Bill Gates and his pilot anecdote.
3. Invest in Yourself First
“The best investment by far is anything that develops yourself.” He’s said this repeatedly, including in speeches at the University of Nebraska and CNBC interviews.
4. Live Below Your Means
Buffett still lives in the house he bought in 1958. This often-cited fact appears in virtually every Buffett profile (CNBC, Fortune, Becoming Warren Buffett).
5. Build a Safety Net
“You only find out who’s swimming naked when the tide goes out.” From his 2001 Shareholder Letter and echoed during the 2008 crisis.
6. Know When to Walk Away
Buffett pivoted from textile manufacturing to insurance after recognizing the limits of the former—a decision detailed in early Berkshire Hathaway letters.
7. Emotional Discipline Wins
“Be fearful when others are greedy and greedy when others are fearful.” Repeated in nearly every shareholder meeting and summarized in The Essays of Warren Buffett.
8. Avoid Unnecessary Risk
“Risk comes from not knowing what you’re doing.” First said in a Forbes interview and reiterated in Berkshire’s annual meetings.
9. Stick to Your Circle of Competence
“Know your circle of competence and stay within it.” This is one of Buffett’s foundational ideas, first appearing in his 1996 Shareholder Letter.
10. Cash Is Not Trash
Buffett and successor Greg Abel both emphasize that large cash reserves are strategic, not idle. Referenced in 2023–2024 earnings calls and meetings.
11. The First $100,000 Is the Hardest
Charlie Munger’s quote, often repeated and endorsed by Buffett. It appears in Charlie Munger: The Complete Investor by Tren Griffin.
12. Think Like an Owner, Not a Speculator
Buffett reminds shareholders that stocks represent businesses—not just trades. This philosophy is baked into his 1987 and 1989 Shareholder Letters.
13. Invest in Businesses, Not Just Stocks
Buffett encourages buying companies you’d be happy to own if markets closed for a decade—most notably in his 1989 Letter to Shareholders.
14. Reputation Compounds
“It takes 20 years to build a reputation and five minutes to ruin it.” Delivered at the University of Florida in 1998 and frequently quoted in business books.
15. Integrity Over Everything
Buffett often says, “In looking for people to hire, you look for three qualities: integrity, intelligence, and energy—and without the first, the other two will kill you.” Shared widely in Buffettology and interviews.
16. Learn from Your Mistakes
One of Buffett’s most famous missteps—the Dexter Shoe deal—is dissected in his 2007 Shareholder Letter. He’s open about failures and what they teach.
17. Ignore the Forecasters
“Forecasts tell you more about the forecaster than the future.” From the 2012 Shareholder Letter. Repeated again in response to the 2022–2023 recession forecasts that never came to pass.
18. The Market Rewards Patience
Buffett: “The stock market is a device for transferring money from the impatient to the patient.” Quoted in The Snowball and his annual shareholder meetings.
19. Emotional Detachment Is an Edge
In his 2024 shareholder address, Buffett stressed staying calm during April volatility—echoing decades of warnings against panic.
20. Surround Yourself with the Right People
“You can’t make a good deal with a bad person.” This principle appears in the 2001 Shareholder Letter and in The Snowball by Alice Schroeder.
Keep looking forward.
David B. Armstrong, CFA®
Chief Executive Officer
Dave got into the industry when he discovered his passion for finance in his mid-20’s. He’s a combat veteran and served as an officer in the United States Marines Corps on both active duty and in the reserves, retiring at the rank of Lieutenant Colonel. While serving on active duty, Dave was unable to spend money on deployments, so he became a self-taught investor. Along with a few bucks cash as a bouncer, his investing performance grew to be good....
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