We’ve come to know Warren Buffett as a learning machine because of your candid descriptions, aside from this quality, what others would you credit to Warren that has helped make him one of the greatest investors and compounders that the world’s ever seen?
Well, Warren is not only a very good thinker and a good learner, which is important, but Warren has a big strong fiduciary gene. He cares about what happens to the shareholders.
Warren and I were lucky in that the early shareholders that really trusted us, we were young and didn’t have a reputations and so on. And naturally, we feel an exceptional loyalty to those people. And of course, naturally, they’re all dead now. We’re still loyal to them. Warren and I still care what happens to the Berkshire shareholders, a lot.
And I think that helps us. I think that it helps if you’re good at loyalty.
Be loyalty to the people who trusted you.