World’s leading investor Warren Buffett has given a lot of credit for his success to luck. Buffett, who has a net worth of around $147 billion (Rs 14.15 lakh crore), said in an interview that ‘luck’ played as much a role in his success as talent or hard work. Warren Buffett, who turns 96 next month, said longevity has given him the opportunity to build wealth over decades. This is also a game of luck. Buffett discusses his early life, opportunities, circumstances of birth, and philanthropy. Read the special excerpts of this interview… According to Bloomberg Billionaires Index, Buffett is the 10th richest in the world, spends 80% of his time reading books and reports. I often say that out of the 8 billion people on this earth, I am among the 10 luckiest people. People associate my success with hard work and ability, but I consider it an innate opportunity. If my father had been a plumber, I probably wouldn’t be here. My father, Howard Buffett, was a stockbroker and it was because of him that I fell in love with investing at a young age. At the age of 11, I bought three shares of ‘Cities Service’. This was not extraordinary intelligence, but a happy coincidence of getting the right environment and opportunity. Being born in America, being white male, and coming from a financially savvy family was privilege. Also, this ‘innate opportunity’ gave me the confidence that enabled me to earn my first million dollars at the age of 32 and later lead Berkshire Hathaway to the top. I believe that where someone was born, what is the family background, how many opportunities have they got – these things sometimes have more impact than talent. I had the opportunity to grow more wealth over a longer period of time than I had earned. Now the memory is weakening due to age, but the joy of investing still remains. Despite handing over the post of CEO of Berkshire to Greg Abel last year, the heart still beats at work. But the real fun is not just in earning wealth, but in sharing it. Under ‘The Giving Pledge’ I gave Rs 4.52 crore to the Gates Foundation with a promise to donate 99% of my wealth. But now my path is different, because no one is 100% correct in human identity… everyone makes mistakes. Happened to me too. Now my thinking is clear. He is giving the bulk of his wealth to the Susan Thompson Buffett Foundation, named after his late wife, and to foundations run by his children. Age is continuously increasing and children are also at that stage of age where it is not right to postpone decisions. That’s why I have increased the pace of the philanthropic plan. I wish that by December 31, 2034, my entire property should reach the right institutions in the interest of society. Looking back, I feel that right time, right opportunity and luck have played a big role in my success. – Warren
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96 year old Buffett said – there is more fun in sharing than in earning: If father had been a plumber, he would not have become an investor; My success is more due to luck than talent
