This past summer I had the most amazing and humbling experience: I heard Warren Buffett speak. He came to the office I interned in (Coca-Cola) and answered questions for over an hour. He was smart, engaging and overall very charming/funny. But what you may not know about Warren Buffett is that despite his old age, he truly is a millennial at heart.
Why do you ask?
5. He believes in sustainability. Like a true millennial Warren Buffett is a huge advocate for sustainable business and philanthropy. He donated 10 million shares of Berkshire-Hathaway stock to the Bill and Melinda Gates Foundation and he has foundations for all three of his children. One of my favorite quotes from Buffett says, “The way I see it is that my money represents an enormous number of claim checks on society.” Millennials feel an overwhelming debt to society, and as a generation we generously donate our time and money. Buffett one of the most generous men on earth, and just like a millennial he knows he owes it to the world.
4. He supported Obama. Just like almost every millennial in the country, Buffett was a strong supported of Barack Obama for president. As a generation millennials wanted change, and apparently so did Warren Buffett. Unafraid of what others would think, Buffett stood behind the candidate he saw most fit to do the job.
3. He believes there are better time ahead. The Berkshire-Hathaway annual letter came out on Feb. 28th, and Buffett was quoted in it as saying, “Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. America’s best days lie ahead.” Millennials are by nature hopeful and unafraid of the future, we know that there will be better days, and it’s nice to know that Buffett feels that way too.
2. He is criticized for his success. It is tough being on top, and no one knows that better than Warren Buffett. Many critics believe that the success of Berkshire-Hathaway and its stocks is solely related to the “oracle” that is Buffett. Despite his admittance to many mistakes he has made, people are constantly criticizing him for his success. This happens to millennials too, people think that their success isn’t based on hard work, but instead luck. Just like a millennial, Buffett is always have to prove himself and prove that his success isn’t a fluke.
1. He’s envied. I’m sure it comes to no surprise that Buffett is envied by practically everyone. After all he is smart AND successful. Millennials feel the envy as well, mostly from older generations who wish they were younger and smarter.
So here’s to you Warren Buffett. You may be old, but you are a millennial at heart.
{ 3 comments… read them below or add one }
Buffett is part of the Silent Generation (born 1924-1942) and has few things in common with today’s Millennial Generation (born 1982-200?).
The characteristics that really define this generation are:
Based on this list, would you still say that he has a lot in common with Millennials? The Silent Generation were much more reserved in their approach. They are experts, well educated and thoughtful, but were over-protected in their youth and are not great leaders (Buffet is a great investor, but we don’t hear much about his leadership). Millennials will make powerful leaders and they will be tested in the crucible of the crisis we are just entering (and will continue for the next 10-15 years).
As a Gen X’er I don’t envy Millennials at all. Your task is enormous and although I am confident that you are up to it, I have become comfortable with the individualistic approach of my generation. I will be cheering the Millennials on during this tough time!
I have been posting lots of research on generations to my blog at http://www.thegenxfiles.com. Drop by and let me know what you think.
Dave
Hi Dave,
Thank’s so much for your comment. I certainly agree with you that there are a lot of differences between Buffett’s generation and millennials. I do think based on the list you provided me of millennial characteristics that Buffett does exude some of those qualities.
Berkshire-Hathaway outperformed the S&P500 by 27.4% in the last year. To me it’s clear that Buffett represents to investing what millennials represent to other generations. He is smarter, better and continues to outperform even in the face of sheer disaster.
I will definitely look at some of your research, and thanks for your thoughts,
Blake
Blake,
I do agree that the Millennial generation (born 1982-200?) is, in some ways, smarter than the Boomer and X Generations, and they MAY outperform other generations in the face of disaster. But “better” is a judgment that I think should be avoided.
One quality I always thought that Buffett had was humility. It is an important one, and it is one that is undervalued in our society (across generations). The Millennial generation is well educated and has a profound optimism that is very important. But the other generations have specific qualities that cannot be matched. Generation X’ers (born 1961-1981) are extremely independent and are more likely to survive in difficult times on their own. Generation X’er are also, as a group, much more practical and pragmatic, and ask tougher questions. Boomers (born 1943-1960) are much more philosophically oriented, and care about staying true to an ideal over compromises. Boomers carry the flag for our ideal society which Millennials will likely follow.
Given all that, I don’t think one can say that one generation is “better” than another. Different, for sure, but not better. The performance of the Millennial generation has yet to be tested (unlike Buffett’s performance). I have no doubt that the Millennials will accomplish BIG things. The question is what will those big things be? What side of the ideological battles to come will they choose? The American GI Generation (born 1901-1924) was smarter, “better” and outperformed, and they won a war for freedom. The German equivalent was smarter, “better” and outperformed, and they killed 6 million Jews (and lost a war).
The choice of ideology is just as important as the ability to perform. And the Millennials will necessarily look to other generations to help make that choice. Humility is a great aid in making good choices.
Thanks,
Dave
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