“You don’t have to cheat to make money.”
In the world of business, few have had a more beneficial impact than Warren Buffet. His contribution might be summed up as setting the ethical example of how to make money on a grand scale. Against a backdrop of corporate greed, risk-laden investing and unethical short cuts, so prevalent both in the 1980s and in the decade leading up to the economic collapse of 2008, Buffet’s approach stood in stark contrast.
As opposed to chasing high-flying tech stocks or “selling short” at the expense of less exacting investors, Buffet has displayed a preference for brick and mortar businesses with sound revenue models and a history of proven success. His investment strategy reminds us that investing is not just for those with a knack for making sense of a labyrinth of statistics or manipulating that data for immediate gains. Investment decisions can be based on more practical considerations. Choose the companies you invest in as you would your friends.
Frugality and philanthropy still have a place in this world, and Warren Buffet is a touchstone of both. He has promised to give to charity 99 per cent of his multi-billion dollar fortune over time. His “philanthrocapitalism” is a balanced and humane approach to financial management, suitable both for the wealthy and for ordinary folks struggling to pay their bills.
“I think a rich person should leave their children enough so they can do anything, but not enough so they can do nothing.”