A couple weekends ago I joined Warren Buffett and 40,000 others in Omaha for Woodstock for Capitalists—a.k.a. the annual meeting of Berkshire Hathaway. As a shareholder and member of the board, I've been going for years and it’s always a blast. This time we had our usual fun, including a ping-pong match where Warren hit an impressive forehand winner against a former U.S. national champion. But the gathering had an extra resonance, because we had something special to celebrate: 50 years of Warren’s leadership at the company.
A lot has been written about Warren in the half-century since he took the reins at Berkshire. But I think the most interesting and insightful stuff is what Warren writes himself. Every year before the annual meeting, he puts together a letter to Berkshire’s shareholders in which he talks very honestly about what’s going well and what isn't. He also reflects on investing and the economy more broadly. If you want to be as smart about business as Warren is—and who doesn't?—you can’t beat those letters.
In this year’s letter, Warren takes a special look at the company’s past, present, and future. I cannot recommend it highly enough. It is the best and most important thing he has ever written. Warren’s partner, Charlie Munger, wrote his own letter and it is also excellent.
Warren and I took a break from the weekend’s events to spend a few minutes talking about his rules for smart investing, how he learned to explain complicated financial dealings so clearly, and how he got me into bridge and golf:
And here is a short slideshow featuring some of my favorite photos of Warren from over the years.
Warren isn't just a great friend. He is also an amazing mentor. I have been learning from him since the day we met in 1991. We discuss business, economics, politics, world events, and of course philanthropy—as a trustee of our foundation, he is a fantastic thought partner for Melinda and me.
Two years ago I wrote about three things I have learned from Warren. It boils down to this: He is always encouraging Melinda and me to tackle tough problems and have the courage to make mistakes. Luckily for Berkshire’s shareholders—and for everyone involved with the dozens of businesses in the Berkshire family—Warren follows this wisdom himself. For the better part of 50 years, he has been thinking big, and we are all better off for it.
巴菲特智慧的50年（50 Years of Warren’s Wisdom）
两周前，我与沃伦•巴菲特(Warren Buffett)及其他4万多人一起参加了在奥马哈市举行的“伍德斯托克音乐节”(Woodstock for Capitalists)——伯克希尔·哈撒韦公司的年度股东大会。作为该公司的股东和董事会成员，我已经是持续多年参加这一活动，它总是给我带来惊喜。这次也不例外，我们享受了很多普通的乐趣，包括举行了乒乓球比赛，其中令人印象深刻的是，沃伦以正手战胜了美国前乒乓球冠军。这次聚会还有特殊的意义，我们有些特别的东西值得庆祝：今年是沃伦领导伯克希尔·哈撒韦50年周年。
两年前，我撰写了一篇题为《我从沃伦身上学到的三样东西》（Three Things I’ve Learned From Warren Buffett）的文章。它们可以归结为：他总是勉励梅琳达和我攻坚克难，并有犯错的勇气。对于伯克希尔•哈撒韦的股东以及与这个大家庭的数十家企业有关联的每个人来说，幸运的是，沃伦自己总是遵循着这种智慧。在过去50年里，他一直目光远大，而我们都从中受益。