Benzinga - Legendary investor Warren Buffett has had many great investments and quotes over the years. One piece of advice offered up over the weekend might be important for people looking at how successful their life has been and what’s ahead in the future.
What Happened: The annual shareholder meeting for Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B) happened over the weekend. Among the key topics discussed were artificial intelligence, banks, commercial real estate, index funds investments and defining success.
A highlight for many at the event was the discussion of Greg Abel being confirmed as the future successor of Buffett at Berkshire Hathaway.
Buffett said he was “100% comfortable” with Abel taking over the role after Buffett is no longer the CEO.
“Greg understands capital allocation as well as I do. That’s lucky for us,” Buffett said. “He will make those decisions, I think, very much in the same framework as I would make them.”
While many may be less comfortable with Buffett no longer leading the company someday in the future, it is beyond a doubt that the 92-year-old investor has quite the list of accomplishments. This means that the unfortunate task of writing an obituary on Buffett will include many milestones and praise for the legendary investor.
Buffett used an obituary as an analogy during the meeting Saturday.
“You should write your own obituary and then try to figure out how to live up to it.”
Buffett said that by doing so you might make less mistakes and also accomplish more.
“That’s something you get wiser on as you go along.”
Related Link: Warren Buffett's Life Lessons, From His First Stock Purchase At 11 To Why He Buys Companies Now, Not Stocks
Why It’s Important: Not many people think about what their obituary will read like when they pass away. As Buffett mentioned, this is something people spend more time on as they get older.
The advice from Buffett is to take a look at what people would write about you today if you passed away, which could lead you to focus more on certain goals and aspects of your life to make sure the obituary reads the way you want it to.
This reverse engineering method from Buffett could be good advice for many people and for many aspects of life outside of investing.
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