Zhu Rong (zhurong)

Investing isn’t about beating others at their game — it’s about mastering yourself in your game. What is a circle of competence? It’s the clarity to know what you can’t do — and the discipline to never do it. If you think you can do everything, it only means you haven’t truly found your circle of competence yet.

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At the end of the meeting, Buffett announced that he has no intention of selling any shares of the company. "I have no plans whatsoever to sell any shares of Berkshire Hathaway—I absolutely have no such intention. I will gradually donate them instead," he said, drawing loud applause and cheers. Buffett continued: "I’d like to add that the decision to retain every share is an economic one, because I believe Berkshire's future under Greg’s management will be better than it would be under mine." He said the decision also reflects his confidence in Abel’s leadership. "But I’ll stay involved, and maybe one day we’ll have the opportunity to deploy a significant amount of capital. At that time, I think it may be helpful to the board—because they’ll know I’ve put all my money into the company, which I believe is a smart move, and I’ve already seen how Greg operates," Buffett concluded.

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