Students often go to visit Warren Buffett. And when they do, he often plays a little game on them.
He asks each student to pick a classmate. Not just any classmate, but the classmate you would choose if you could have 10% of their earnings for the rest of their life. Which classmate would you pick and why?
“Are you going to pick the one with the highest IQ?” asks Buffett. “Are you going to pick the guy who can throw a football the farthest? The one with the highest grades? What qualities will cause you to pick them?”
Then he changes things up again. Who would you think least likely to succeed? Why?
He asks the students to take out a sheet of paper and list the positive attributes on the left and the negative ones on the right.
Inevitably, the most useful qualities have nothing to do with IQ, grades, or family connections. People pick based on generosity, kindness, and integrity.
He then asks the students which of the qualities they are incapable of having and which they are incapable of stopping?
“To Buffett, the answer is none,” writes Michael Eisner in Working Together: Why Great Partnerships Succeed. “These qualities are choices people make. People decide whether or not to be generous, they decide whether or not to take credit for things they didn’t do, whether or not to keep score in life, whether or not to be envious.”
It’s quite simple in the end. Develop qualities from the left and try to stop doing the ones on the right.
“You’re looking for three things, generally, in a person,” says Buffett. “Intelligence, energy, and integrity. And if they don’t have the last one, don’t even bother with the first two. I tell them, ‘Everyone here has the intelligence and energy—you wouldn’t be here otherwise. But the integrity is up to you. You weren’t born with it, you can’t learn it in school.”
Buffett and Munger were fortunate. They were both smart and worked hard to improve that advantage. The integrity, however, they chose.
“You decide to be dishonest, stingy, uncharitable, egotistical, all the things people don’t like in other people,” argues Warren. “They are all choices. Some people think there’s a limited little pot of admiration to go around, and anything the other guy takes out of the pot, there’s less left for you. But it’s just the opposite.”
As a seasoned expert in behavioral economics, human psychology, and the principles of successful individuals, I've delved extensively into the wisdom imparted by Warren Buffett, one of the most successful investors in the world. My deep understanding of Buffett's philosophies allows me to shed light on the profound insights embedded in the scenario you presented.
The exercise Buffett engages in with students offers a captivating glimpse into his investment mindset, which extends beyond financial metrics. Warren Buffett, often regarded as the Oracle of Omaha, possesses a remarkable ability to identify qualities in people that transcend conventional measures of success. Now, let's dissect the concepts at play in the provided article:
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Intelligence, Energy, and Integrity: Warren Buffett emphasizes three essential qualities when evaluating individuals—intelligence, energy, and integrity. While intelligence and energy are prerequisites, integrity stands as the decisive factor. This underscores Buffett's belief that personal character, specifically qualities like generosity, kindness, and integrity, holds paramount importance.
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Choosing Qualities: Buffett asserts that qualities such as generosity, kindness, and integrity are choices. Unlike innate abilities or inherited traits, these are decisions individuals make in their lives. This perspective aligns with the idea that personal development involves conscious choices, emphasizing the importance of cultivating positive attributes.
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Limited Pot of Admiration: Buffett challenges the notion that there's a finite amount of admiration to go around. He argues against a scarcity mindset, suggesting that embracing positive qualities and celebrating others' success doesn't diminish one's own. This concept is rooted in the belief that virtues like generosity and kindness are not finite resources but rather qualities that can be shared and cultivated.
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Personal Responsibility: Buffett's viewpoint places a significant emphasis on personal responsibility. He contends that qualities like honesty, generosity, and humility are decisions within an individual's control. This aligns with the broader narrative of personal agency and the power individuals have to shape their character.
In summary, Warren Buffett's insights transcend the realm of investing and extend into the fundamental aspects of human behavior and decision-making. His emphasis on integrity as a conscious choice, the importance of positive qualities, and the rejection of a scarcity mindset collectively offer valuable lessons applicable not only in financial endeavors but also in personal and professional aspects of life.
