Warren Buffett reveals the 'secret' to success
Berkshire Hathaway (BRK-A, BRK-B) is one of the most successful companies in the world. Since taking the helm 51 years ago, chairman and CEO Warren Buffett has transformed it from a struggling textile firm into a corporation with 62 subsidiaries in various industries.
“The secret is, if you can in life, work at what you love with people you love. It comes back at 'ya,” Buffett told Yahoo Finance editor-in-chief Andy Serwer. “Love is something you can't get rid of. If you give it to other people, you get it back. If you try to hold onto it, it disappears.”
Much of the company’s record achievement can be attributed to Buffett’s belief that everyone at all levels is expected to pitch in, no matter the size of the project. A perfect example is Berkshire Hathaway’s annual shareholders meeting. Employees from Berkshire’s headquarters in Omaha as well as from many of the company's subsidiaries play a part in the big event’s success.
“It's unlike anything else in the world. And we literally put on this whole show," said Buffett. “We've got probably 300 to 400 people from our subsidiaries coming in. We have everybody in the world wanting hotel rooms. We've got all the things that go with having 40,000-plus people come and having a 200,000-square- foot exhibition hall.”
And the well-run annual meeting is just a tiny glimpse inside one of the most valuable companies in the world. With a total of 331,000 employees worldwide, Buffett is quick to point out that his employees’ dedication and hard work play a major factor in Berkshire Hathaway's growing profits.
“We had 25 [employees in the Omaha office] last year. We’ve got 25 this year. It’s exactly the same people. We added $16 billion in sales last year but we did not add a person,” said Buffett.
On April 30, Yahoo Finance will live stream the Berkshire Hathaway Annual Shareholders Meeting exclusively. You can find out more information here.
