For the Buffett and Munger fans out there, Becky Quick had another CNBC special interview with the pair about their longtime friendship and partnership, called Buffett & Munger: A Wealth of Wisdom on June 29th, 2021. Thankfully, you can watch the
All in all, this interview didn’t offer a lot of new insights if you already listened to the
Here is my single favorite quote from the interview (emphasis mine):
BUFFETT: And we’re still doing it, yeah. We made a lot of money. But what we really wanted was independence. And we have had the ability since pretty much a little after we met financially we could associate with people who we wanted to associate with. And if we had, if we associated with jerks, that was our problem. But we didn’t have to. We’ve had that luxury now for, you know, 60 years or close to it. And, and that beats 25-room houses and, you know, six cars or that stuff is, what really is great is if you can do what you want to do in life and associate with the people you want to associate with in life. And, now, it, it’s and, and we both had that, that spirit all the way through.
These two friends may be famous because they are rich, but they are happy because they are able to spend their time with people that they enjoy.
True freedom is the ability to control how you spend your time. But that usually takes a certain amount of money, so we have the term “financial freedom”. As Munger has also stated,
At the same time, after reaching a certain level of financial stability, we then need to figure how what game we really want to play with our limited time on this planet, beyond simply buying more luxurious stuff. Buffett enjoyed the game of capital allocation and accumulating more dollars; that was his idea of fun. For most people, I think continuing to make more money involves more stress and hard work.
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