Buffett tells us that Lebron James is more savvy about money than Buffett was when he was his age. Whether Lebron James is actually better with money than the Oracle of Omaha is difficult to say, but he is most likely wealthier than Buffett was at 29 years of age. One important thing to note about the value investor strategy from Warren Buffett is that it takes time to develop and turn into riches. But Buffett and James definitely have one thing in common, and that is discipline.
Value investing requires a great deal of patience, dedication and persistence. So is a long career in the NBA. This summer, Lebron James lost a great deal of weight on the paleo diet, and most people felt that he did it in order to get ready for the upcoming basketball season. He said that it wasn’t the reason. He said that he did it because it’s good for life in general, and how you handle things.
Most recently, Lebron set everybody straight at a media event for the Cleveland Cavaliers, saying that the weight loss “had nothing to do with basketball. I should have wrote a letter about that to stop the speculations.”
The Lebron James weight loss, plainly and simply, was about discipline. He challenges himself every summer to do something “outside the box” he said, and this year it was all about diet. James reported that “in the process I lost some weight.”
This is very similar to the way that Warren Buffett challenges himself to make strong decisions about quality companies that seem likely to last – and in the process, Buffett became a billionaire.