“You want to associate with people who are the kind of person you’d like to be. You’ll move in that direction. And the most important person by far in that respect is your spouse. Marry the right person. I’m serious about that. It will make more difference in your life. It will change your aspirations, all kinds of things,” said Warren Buffett (Trades, Portfolio).
And Charlie Munger (Trades, Portfolio) wholeheartedly agrees. Having the right partners, both in business and in life, has been a vital factor in the extraordinary success of these two legendary investors and business leaders.
Choosing the right business partner
Buffett and Munger, as the chairman and vice chairman of Berkshire Hathaway Inc. (BRK.A, Financial) (BRK.B, Financial), have delivered a genuinely unmatched track record of success together.
They have built an extraordinary decades-long partnership founded on shared ideals, enormous mutual trust and respect and open communication. Buffett and Munger’s distinct skills and mental models perfectly complement each other. Buffett boasts unparalleled foresight in evaluating companies and entire industries to estimate their intrinsic value. Munger provides critical thinking and “quality control” to rigorously stress test their investment ideas and identify holes in any thesis.
In politics, Munger says he is “not a conventional Republican,” while Buffett is significantly more liberal, creating healthy tension and debate. Munger calls Buffett his “partner for life,” and Buffett says Munger has had the most considerable influence on him besides his father.
This dream team rarely disagrees, but when they do, it is handled professionally and graciously. As Munger has frequently noted, remarkably, they have never had a single argument or any ill will toward each other during their over 60 years of working side by side. They calmly hear out and consider each other’s perspectives and work together to find the optimal solution.
Buffett emphasizes that you want a partner who shares your most cherished values, but also contributes a diversity of complementary skills and opinions. The ideal partner will provide sound advice to refine your thinking and constructive criticism when warranted. Seek a partner whose abilities and mindset build on your own in a synergistic manner.
Importance of selecting the right life partner
While business partnerships are vital, Buffett stresses that choosing the right life partner is the most crucial decision you will ever make. He credits his beloved first wife, Susan, for profoundly shaping him into the man he is. When Buffett met Susan, by his own admission, he was directionless and overwhelmed. Her steadfast belief in him gave him much-needed confidence and purpose.
Susan patiently nurtured him, gradually helping him mature into a focused and motivated person. He said, “What happened with me would not have happened without her.” She encouraged him to pursue his passion for investing and loyally supported him in his early entrepreneurial endeavors. Her confidence in him was unwavering, even when others doubted his unconventional approach. She was his rock, helping him become his best self, professionally and personally.
Buffett realized that a marriage built on profoundly shared values and vision for life provided the bedrock for true success and fulfillment, not fleeting romantic attraction alone. The ideal spouse believes in your dreams as passionately as you do and devotes themselves to helping you make those dreams into reality. They lift you up when times are difficult rather than tear you down. Choose a life partner who brings out your greatest qualities and perpetually motivates you to reach higher levels of achievement and meaning.
Just as in business, realize that in your marriage, you are a team working toward shared goals and vision. Select a partner that makes up for your weaknesses and blind spots while you do the same for them. Together, realize that one plus one can equal three or more.
But how can you find a great spouse? Munger advised, “I have been blessed with some very remarkable partners... I have a secret trick that you can all play. How do you get a marvelous partner? It’s a very simple trick, and here’s what you do. You deserve a marvelous partner. By the way, it works in marriage too. It’s a very simple formula.”
Surrounding yourself with the right friends
In addition to choosing the right partners and spouses, Buffett and Munger have long emphasized surrounding yourself with a circle of “right” friends and mentors. The company you keep inevitably influences the person you become and the levels of success you can achieve.
Actively build relationships and associate with people who are positive, supportive and bring out your absolute best self. Seek friends who share your most important values and lead by example, enriching your life experience. Surround yourself with individuals who demonstrate admirable qualities and habits you aim to further develop within yourself. Let them inspire you to grow.
Your social circle serves as a critical support system and determines the types of opportunities that come your way. The right friends provide guidance when times are tough and are there to celebrate your victories. They introduce you to new ideas, experiences and people to expand your worldview. Observe how truly successful, fulfilled people conduct themselves and embrace some of their habits and philosophies.
Be highly selective in choosing friends who will nourish your personal growth and cut out toxic relationships that bring you down. Recognition from peers you profoundly respect helps positively reinforce beneficial new habits and achievements. Carefully curate your network to cultivate your best life.
The people you surround yourself with shape your life
In both business and your personal life, thoughtfully choose partners and companions who share your values, complement your abilities and actively support your lifelong growth journey. Listen to the wisdom of Buffett and Munger, who have achieved unparalleled success and fulfillment by surrounding themselves with individuals who understand them, offer wise counsel and inspire self-improvement.
Choose partners and friends who share your dreams and devotion to leaving your mark on the world. With the right team by your side, you, too, can accomplish your goals and live a life rich in meaning, contribution and lasting significance.
