Bill Gates says Warren Buffett gave the best advice he's ever received—it's 'maybe the most important thing' he's learned (2024)

Even artificial intelligence wants to learn from Bill Gates.

When the Microsoft co-founder sat down for an interview with U.K. Prime Minister Rishi Sunak last month, the two answered questions generated by a ChatGPT-like AI chatbot.

The bot asked Gates about the best advice he's ever received and how it has influenced his own life. In response, the 67-year-old pulled out some words from his longtime friend and fellow billionaire Warren Buffett on the subject of friendship.

"Warren Buffett talked about [how], in the end, it's how friends really think of you and how strong those friendships are [that matters]," Gates said.

Gates and Buffett have been friends for more than three decades. Their shared interests go beyond their wealth: The pair co-founded The Giving Pledge, which encourages the world's wealthiest people to donate at least half of their wealth to charitable causes, and are occasional bridge and golf partners.

Gates has previously discussed the lessons he's learned from the 92-year-old Buffett, from investing to time management.He's consistently put Buffett's advice on friendship at the top of that list.

"I've learned many things from Warren over the last 25 years, but maybe the most important thing is what friendship is all about," Gates wrote in a 2016 blog post.

"Even though he keeps up a hectic schedule, Warren still finds time to nurture friendships like few other people I know," Gates added. "He picks up the phone and calls to say hello. He regularly sends articles he's read that he thinks ... I will find interesting."

Buffett often speaks about the importance of choosing good friends, and being a good friend yourself. That means surrounding yourself "with people that are better than yourself," so you can learn from and be inspired by them, he said at a 2017 talk with Gates at Columbia University. "You will move in the direction of the people that you associate with."

Gates agreed: "Some friends do bring out the best in you, and so it's good to invest in those friendships."

Strong and meaningful friendships can be quite important to your career success, including providing a boost to your self-esteem and mental resilience, research shows. Maintaining good friendships over the course of your life also makes you happier and less stressed, improving your health and well-being, according to the Mayo Clinic.

Gates and Buffett have a combined net worth of $220 billion, Bloomberg estimates, but they seem to agree that the happiness derived from lasting friendships is a true mark of success.

"When you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you," Buffett said in a 2001 speech at the University of Georgia.

"I know people who have a lot of money, and they get testimonial dinners and hospital wings named after them," he continued. "But the truth is that nobody in the world loves them. If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is — your life is a disaster. That's the ultimate test of how you have lived your life."

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Bill Gates says Warren Buffett gave the best advice he's ever received—it's 'maybe the most important thing' he's learned (1)

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Bill Gates says Warren Buffett gave the best advice he's ever received—it's 'maybe the most important thing' he's learned (2024)

FAQs

Bill Gates says Warren Buffett gave the best advice he's ever received—it's 'maybe the most important thing' he's learned? ›

I've learned many things from Warren over the last 25 years, but maybe the most important thing is what friendship is all about. It's about being the kind of friend you wish you had yourself.”

What is the best advice from Warren Buffett? ›

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” While some value investors focus on buying only the cheapest companies, Buffett suggests a better course of action is to buy “wonderful” companies – those with better economics and competitive positions.

What is Bill Gates best advice? ›

A popular Gates citation is “It's fine to celebrate success, but it is more important to heed the lessons of failure.” Whether you're a famous investor or an average American, failure is not something to be ashamed of, but an opportunity to grow and innovate.

What was Warren Buffett's best quote? ›

Warren Buffett Motivational Quotes
  • “The most important thing to do if you find yourself in a hole is to stop digging.”
  • “Price is what you pay, value is what you get.”
  • “The most important quality for an investor is temperament, not intellect.”
  • “Remember that the stock market is a manic depressive.”
Dec 17, 2023

Are Bill Gates and Warren Buffett really friends? ›

Buffett, who is 93, and Gates 68, have been longtime friends for 30 years. Through business ventures that turned philanthropic, they have assisted countless people worldwide. Together they launched The Giving Pledge campaign encouraging other rich individuals to donate much of their wealth towards charitable efforts.

What is Warren Buffett's 90/10 rule? ›

Warren Buffet's 2013 letter explains the 90/10 rule—put 90% of assets in S&P 500 index funds and the other 10% in short-term government bonds.

What are Warren Buffett's 5 rules of investing? ›

Here's Buffett's take on the five basic rules of investing.
  • Never lose money. ...
  • Never invest in businesses you cannot understand. ...
  • Our favorite holding period is forever. ...
  • Never invest with borrowed money. ...
  • Be fearful when others are greedy.
Jan 11, 2023

What is Bill Gates mentality? ›

Bill Gates' secret to success is optimism, says psychology expert—but don't confuse that with blind optimism. By Bill Gates' own admission, optimism is his "superpower." But don't confuse that with blind optimism.

Is Bill Gates still the richest man in the world? ›

In 2018, Amazon founder Jeff Bezos was ranked at the top for the first time and became the first centibillionaire included in the ranking, surpassing Microsoft founder Bill Gates, who had topped the list 18 of the previous 24 years. In 2022, after topping the list for four years, Bezos was surpassed by Elon Musk.

What lessons did Bill Gates learn? ›

9 Money Lessons Bill Gates Learned From Warren Buffett That You Can Use, Too
  • You Never Know What Value Someone Brings to You. ...
  • It's Important To Ask the Right Questions. ...
  • You Want To Be Around People Smarter Than You. ...
  • Be Honest With Shareholders. ...
  • Great Investors Ignore the Noise. ...
  • Make Your Time Count.
Mar 26, 2024

What is Warren Buffett's golden rule? ›

"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."- Warren Buffet.

What was Warren Buffett's quote? ›

Beware the investment activity that produces applause; the great moves are usually greeted by yawns.” “Risk comes from not knowing what you are doing. Never invest in a business you cannot understand.” “Someone's sitting in the shade today because someone planted a tree a long time ago.”

Who is Bill Gates closest friend? ›

Warren Buffett and Bill Gates have been friends since the 1990s. Bill Gates and Warren Buffett have a lot in common.

Who's richer, Warren Buffett or Bill Gates? ›

THE REAL-TIME BILLIONAIRES LIST
ranknameNet Worth
5Larry Ellison Oracle$146.8 B $2.2 B | -1.46%
6Warren Buffett Berkshire Hathaway$131.2 B $464 M | 0.35%
7Larry Page Google$129.6 B $760 M | 0.59%
8Bill Gates Microsoft$128.7 B $116 M | -0.09%
24 more rows

Who is Warren Buffett's best friend? ›

Both Warren Buffett and Charlie Munger were born and brought up in Omaha, Nebraska, and formed a friendship as adults in 1959 that was to last for decades. Charlie Munger, the longtime friend and business partner of investor Warren Buffett, died on Tuesday, November 28. He was 99.

Can I ask Warren Buffett for money? ›

Warren Buffett typically does not give money to individuals, although he frequently donates to charities. However, he has in the past forwarded individual requests for money to his sister, Ms. Doris Buffett, who operates an organization called the Sunshine Lady Foundation.

Who gives the best stock advice? ›

Answer. In India, top stock market advisory firms like Best Stock Advisory, CapitalVia, HMA Trading, and AGM Investment provide expert guidance to investors.

What did Warren Buffett tell his wife to invest in? ›

The percentage may shock you.

Part of the cash would go directly to his wife and part to a trustee. He told the trustee to put 10% of the cash in short-term government bonds and 90% in a low-cost S&P 500 index fund. CNBC's Becky Quick highlighted that it was the first time Buffett had publicly discussed the details.

What is the best investment for 2024? ›

11 best investments right now
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • Bonds.
  • Money market funds.
  • Mutual funds.
  • Index Funds.
  • Exchange-traded funds.
  • Stocks.
Mar 19, 2024

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