After more than six decades at the helm of Berkshire Hathaway, Warren Buffett has officially named his successor. That Buffett took so long to do it (he was born in 1930) is understandable; he was pretty good at his job.
From 1965 to 2023, Berkshire’s overall gain was 4,384,748 percent. (Yeah, read that again. It’s insane.)
If you had invested $1,000 with Buffett in 1965, it would be worth more than $43 million today. His performance beat the overall market’s return by 140x.
So, how did Warren Buffett accept credit for such a remarkable run at his final annual meeting?
“I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made.”
That’s right—Buffett praised Apple’s CEO. Berkshire’s 2016 investment in the iPhone maker turned out to be the most profitable bet of Buffett’s entire career.
Fittingly, on the same day Buffett’s announcement appeared in The Wall Street Journal, another headline ran: Gregg Popovich—the winningest coach in NBA history—was stepping down. When asked about the secret to success in the insanely competitive world of pro basketball, Popovich didn’t hesitate: “Draft Tim Duncan… and after that, stay alive.”
“Pop” was referring to his San Antonio Spurs lucking into the number one draft pick in 1997. Headlining that draft class was Duncan: humble, hard-working, and loaded with talent. Duncan led the Spurs to five NBA championships. He was a 15-time All-Star, 2-time league MVP, and is the only player to be selected to both the All-NBA and All-Defensive Teams for 13 consecutive seasons.
In an age when many leaders rush to take credit and dodge responsibility, Buffett and Popovich stood out for their humility and gratitude. Throughout their legendary careers, both consistently deflected praise and elevated others.
Buffett has consistently credited his long-time partner Charlie Munger with Berkshire’s success. Popovich credits the Spurs ownership, general management, and the six Hall of Famers who played for him, including Tim Duncan.
Tim Duncan, in return, had this to say about Pop in his Hall of Fame acceptance speech:
“You showed up after I got drafted. You came to my island. You sat with my friends, my family. You talked with my dad. I thought that was normal. It’s not. You were an exceptional person. Thank you for teaching me about basketball, but even beyond that, teaching me that it’s not all about basketball. It’s about what’s happening in the world; about your family—for everything.”
As I get older, I find myself more emotional about just about everything. But that tribute to Pop? It wells me up.
Now, stupidity is defined as doing things that harm both yourself and others at the same time. Intelligence, conversely, can be defined as doing things that improve the standing of both yourself and others.
Humility paired with gratitude, as Buffett, Popovich, and Duncan have exemplified, does just that.
So, when is the last time you’ve expressed humility and gratitude? Publicly or privately?
If you’re anything like me, the answer is: “Probably not often enough.”
Publicly express humility and gratitude.
Success in any endeavor is a team game. Think about the individuals who helped you along your journey. Who are they? What did they do? How did they demonstrate their belief in you?
Today, let’s take to LinkedIn and post a simple message of humility and gratitude.
Was it a colleague or manager?
Maybe a vendor—or even a customer?
Don’t overthink it.
Even if they’re not on LinkedIn, share your gratitude anyway. It’s a rare act—and it’ll make you feel good.
Follow me on LinkedIn and watch me do the same.
Thanks for reading.
I’ll be back next Thursday.
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