More Buffett Advice: Be Like Those You Admire

Warren Buffett, investor extraordinaire and the second wealthiest man in the world, is one of the most quoted people today and freely offers up advice for just about anything. It isn’t unusual for Buffett and his partner at Berkshire, Charlie Munger, to answer questions for anywhere between 6 – 8 hours during their annual shareholder meeting in Omaha, Nebraska.

As with most cases in life, if you take the time to listen up to what Buffett and Munger are saying, there is a lot to be learned. Plus, Buffett’s advice (that doesn’t have a lot of stock market terms) is usually very simplistic and direct, making it easy to understand and implement. 

One of my favorite pieces of advice I’ve heard Buffett hand out definitely follows these guidelines: Be like those who you admire.

It turns out that more than shareholders and hopeful investors come out to Omaha for the annual shareholder meeting; in 2015, a 7th grade boy asked Buffett and Munger how to get people to like you and work with you. Buffett didn’t miss a beat, and first leveled with the boy to let him know he was “obnoxious” at that age. Then he advised him to adopt good qualities from people he admires. He even recommended that he list four things about his classmates that he does like and for things he does not, and to behave accordingly.

Buffett often says similar things when he speaks about his partner, Munger. At one visit with students, Buffett even refers to Charlie as his hero, says he is strong-minded, and has never let him down— by keeping Munger’s company since 1959, Buffett has bettered himself.

“Hang around people who are better than you all the time. You do pick up the behavior of people who are around you. It will make you a better person… A relationship like that over the decades will do nothing but good.”

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