Warren Buffett at this year’s Allen & Company Sun Valley Conference on July 13, 2023 in Sun Valley, Idaho. Kevin Dietsch/Getty Images
Warren Buffett turns 93 today (30 August). The longtime chairman and CEO of Berkshire Hathaway (BRK.A) is one of the most iconic business figures of our time and has inspired generations of investors with his simple, practical philosophy and remarkable track record.
Over nearly six decades, Berkshire Hathaway has often generated annual returns of 20 percent or more, well above the returns of popular benchmarks such as the Dow Jones and S&P 500. There couldn’t possibly be a better time to tap into the wisdom of the legendary investor. Life and business – a must-read for money managers – and look forward to the future of your business empire through his famous quotes in interviews and annual shareholder letters.
Top 10 quotes from Warren Buffett that inspire investment goals
- “The first rule of investing is don’t lose (money). And the second rule of investing is don’t forget the first rule. And that’s all the rules there.” —1985 shareholder letter
- “If principles become outdated, they cease to be principles.”—1988 Shareholder Letter
- “It’s far better to buy a wonderful company at a fair price than a wonderful company at a wonderful price.”—1989 Shareholder Letter
- “It’s only when the tide goes out that you find out who’s swimming naked.”—1993 Shareholder Letter
- “If we cannot find things within the range of our ability, we do not expand the range. We’ll wait.”—1995 Shareholder Letter
- “What we learn from history is that people do not learn from history.”—2004 Shareholder Letter
- “The worst type of business is one that grows rapidly, requires significant capital for development, and then makes little or no money.” – 2007 Shareholder Letter
- “The price is what you pay. Value is what you get.”—2008 Shareholder Letter
- “A simple rule determines my purchases: be fearful when others are greedy and greedy when others are fearful.” – Interview with The New York Times in 2008
- “Betting against America never pays off. We come through things, but it’s not always a smooth journey. -2009 interview with NBC
Berkshire Hathaway’s Succession Planning
Buffett hasn’t spoken publicly about his succession planning in recent years. But in 2021, his longtime business partner Charlie Munger told a shareholder meeting that Greg Abel, head of Berkshire Hathaway’s energy business, would succeed Buffett as CEO if something happened to the billionaire. Buffett later confirmed the plan to CNBC and said that Abel would “take over tomorrow morning” if needed.
Buffett also said that, if Abel could not take over for any reason, Ajit Jain, who oversees Berkshire’s insurance business, would become CEO.
Abel, 59, and Jain, 70, were promoted to vice chairman of the board of Berkshire Hathaway in 2018. “Ajit and Greg are rare talents, and Berkshire blood flows in their veins,” Buffett wrote in his 2018 letter to shareholders.
In April this year, Abel joined Buffett on his business trip to Japan, where he made large investments in the country’s top business houses. Buffett told CNBC at the time, “Abel does all the work, and I lean in—it’s exactly what I wanted.”
