Legendary investor Warren Buffett has had many famous quotes over the years. With investors looking to Buffett for investment advice, they also often look to the "Oracle of Omaha" for advice on life.
What Happened: At the 2023 annual shareholder meeting for Berkshire Hathaway Inc (NYSE:BRK)(NYSE:BRK), succession was a key topic on the minds of investors in the conglomerate.
A highlight for many at the event was the discussion of Greg Abel being confirmed as the future successor of Buffett at Berkshire Hathaway.
Buffett said he felt "100% comfortable" with Abel succeeding him as CEO.
"Greg understands capital allocation as well as I do. That's lucky for us," Buffett said. "He will make those decisions, I think, very much in the same framework as I would make them."
Earlier this year, Buffett announced plans to step down from the CEO role at the end of 2025.
While many may be less comfortable with Buffett no longer leading the company someday in the future, it is beyond a doubt that the then 92-year-old investor has quite a list of accomplishments. This means that the unfortunate task of writing an obituary on Buffett will include many milestones and praise for the legendary investor.
Buffett used an obituary as an analogy during the meeting in 2023.
"You should write your own obituary and then try to figure out how to live up to it."
Buffett said that by doing so, you might make fewer mistakes and also accomplish more.
"That's something you get wiser on as you go along."
Read Also: Warren Buffett Investment Success: 3 Simple Rules To Copy Oracle Of Omaha
Why It's Important: Not many people think about what their obituary will read like when they pass away. As Buffett mentioned, this is something people spend more time on as they get older.
The advice from Buffett is to take a look at what people would write about you today if you passed away, which could lead you to focus more on certain goals and aspects of your life to make sure the obituary reads the way you want it to.
This reverse engineering method from Buffett could be good advice for many people and for many aspects of life outside of investing.
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This article was previously published by Benzinga and has been updated.
