Warren Buffett’s best advice to Bill Gates

Bill Gates and Warren Buffett’s friendship is still going strong as it was more than thirty years ago. The bond of these tycoons is not only related to business, the stock market or finance, but goes far beyond that.

With capitals exceeding 100 billion dollars, they are two of the richest people in the world -according to Forbes magazine-. Gates and Buffett are ranked number five and six and have learned, with their funds and knowledge, to control the markets.

An example of this friendship occurred last week, when at a conference attended by Gates and British President Rishi Sunak, an artificial intelligence chatbot similar to ChatGPT asked the American a question.

The bot asked the Microsoft co-founder to point out the best advice he had ever been given in his life and how it had influenced his career.

In response to this question, the billionaire remembered some words from his great friend Warren Buffet.

Gates said the Berkshire Hathaway CEO explained to him that the most important thing, at the end of the day, is what your friends think of you and the strength of those bonds.

The two have founded ‘The Giving Pledge‘ philanthropic campaign where the world’s wealthiest people donate at least 50 percent of their fortune to charitable causes.

Buffett and Gates are close friends

Not only do they sometimes get together to play bridge or golf, but Buffett and Gates also exchange important advice and experiences, both professionally and in life itself. The creator of Microsoft learned many lessons about investing, generating wealth and time management from the oracle of Omaha.

Although it is not uncommon for Bill Gates to put his friend’s advice on friendship at the top of the list. In a blog he had written a few years ago, he noted that he learned many things from Buffett over the past 24 years, although he believes the most valuable is the real meaning of friendship.

While he always has many things to do, Warren sets aside a place in his schedule for his friendships, Gates has added. He added that he uses the phone to greet him frequently, sending him articles he has read that he thinks will be of interest to him.

Warren Buffett and Gates’ ties

Buffett regularly remarks how important it is to have good friendships and be a good friend.

In his own words, he says that means “meeting people better than yourself with the idea of learning from them,” as he expressed in a 2017 lecture at a U.S. university.

There, a place where the Microsoft co-founder was also present, he said that people move in the best direction when they associate. “Certain friendships show the best of your personality, so investing in those bonds is important,” Gates added in that talk.

Strong, meaningful bonds are a critical piece in achieving success for all people in the professional arena. One study indicates that friends help increase self-esteem and resilience, leading to greater happiness and less stress.

Warren Buffett, during a 2001 speech at the University of Georgia, said that people, when they reach their age, will measure their success in life by the love they share with people.

Finally, he said he knows people with large fortunes, testimonial dinners and hospital wings named after them, but no one really loves them.

“If they get to their age and there is no one who thinks well of you, it’s not important how much money you have, your life is a disgrace,” he said. “That’s why this is the most important test of the way they lived their lives,” the U.S. mogul noted.

Investment strategies

While they have different business backgrounds and personalities, these two billionaires share similarities that have helped cement their places as true “titans” of industry and philanthropy.

One of the most notable similarities between Bill Gates and Warren Buffett is their investment approach.

Both are known for their long-term investment strategies, with a focus on buying and holding stocks for long periods of time.

This approach has allowed them to accumulate massive amounts of wealth over the years (Forbes knows this).

As we explained earlier, in addition to their investment strategies, Gates and Buffett are known for their charitable work.

Gates, through the Bill and Melinda Gates Foundation, has committed billions of dollars to initiatives focused on global health, education and poverty reduction.

Similarly, Buffett has pledged much of his wealth to the Buffett Foundation, which supports a wide range of causes related to education, health care and economic development.

Another shared trait between Gates and Buffett is their commitment to using their wealth and influence to make a positive impact on the world.

Both have openly expressed their belief in the importance of giving back and have used their platforms to encourage others to do the same.

Along those lines is the creation of “The Giving Pledge,” the campaign we explained above that is meant to inspire the world’s wealthiest people to donate as much of their wealth as possible to philanthropic causes.