As I have gotten older, I have less and less interest in acquiring things. I remember that as a young man, I had a serious interest in cameras and in audio systems. I no longer possess such interests. I am guided by what the great Jewish Sages have said about how to conduct one’s life; namely, that the only thing we take with us to the after-life is our good deeds; and so I spend my time learning Torah, trying to make the world a better place through my writing both on the Internet and in books, and doing acts of kindness. This mindset made me very receptive to the inspiring documentary about Warren Buffet entitled Becoming Warren Buffet.
Warren Buffett is a billionaire, yet he does not live like one. He resides in a modest residence in Omaha where he was born and drives to work every day to his company Berkshire Hathaway, the fifth largest public company in the world. He is now 86 years old and still retains the energy and curiosity of a much younger man.
His ambition to become a millionaire began when he was a teenager. He sold papers and started to sell stocks not long after. He was very good at calculations and developed two important rules as he accumulated wealth: (1) never lose money and (2) never forget rule number 1.
Buffet was not guided by passing investment fads. He always looked for value. Ultimately, value will be recognized even if a stock at present seems not worth much. For that reason, he began his career searching for undervalued stocks that might one day be more valuable.
Most noteworthy is the fact that throughout his career he conducted himself with a deep sense of morality. If there ever were a conflict between monetary profit and retaining one’s good name, he chose to protect his good name and the integrity of his company. Here are three of his most famous quotes: (1) “We can afford to lose money – even a lot of money. But we can’t afford to lose reputation – even a shred of reputation. We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly but intelligent reporter.” (2) “As a corollary, let me know promptly if there’s any significant bad news. I can handle bad news but I don’t like to deal with it after it has festered for a while. A reluctance to face up immediately to bad news is what turned a problem at Salomon from one that could have easily been disposed of into one that almost caused the demise of a firm with 8,000 employees.” (3) “Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.’”
As the film describes his boyhood and the powerful influence of his father among many others who shaped his future, we see how Buffet arrives at a point in life when all he wants to do is leave a legacy of good things for the future. He wants to make the world a better place, and allies himself with the foundation of Bill and Melinda Gates to make his largest ever charitable gift of nearly 2.8 billion dollars.
The Ethics of the Fathers, a classic of Jewish wisdom literature, tells us there are several ways to achieve spiritual greatness, but one way supersedes all others: “Rabbi Shimon used to say: There are three crowns–the crown of Torah, the crown of priesthood and the crown of sovereignty–but the crown of a good name surmounts them all.” The crown of Torah represents Jewish learning as a way to become holy. The crown of priesthood represents getting close to holiness through Temple service and prayer. The crown of sovereignty represents occupying public office, which enables you to improve the plight of your subjects. However, the crowning achievement is maintaining a good name, which represents being able navigate life in a way that brings credit to you and to God. Becoming Warren Buffet is a testament to the wisdom and satisfaction of leading a life that inspires and benefits the world around you.