2006: Who are Buffett's present-day role models?

AUDIENCE MEMBER: Steve Rosenberg (PH), originally from Michigan. Thank you very much for continuing to serve as excellent role models and for the values that you continue to teach by example. I’m curious to know who are your present-day role models. And I know that your prior heroes included your father, Ben Graham, and Davy [former GEICO CEO Lorimer Davidson], but would be curious to know who in addition to those three. Thank you.

WARREN BUFFETT: Well, I’ve had a number of them. And I’m not sure I want to name them because the ones you don’t name might feel a little left out. But the one thing I’ve been very lucky on is that the ones I’ve had have never let me down. So I’ve never had that experience where you’ve looked up enormously to somebody and then had that person let you down in some way, which would be a terrible experience and very hard to get over.

And, you know, I’m sure some people have had that in marriage, and they’ve had it in business. And the worst situation, of course, is if you have it with your parents, but that did not happen. In fact, the reverse happened with me. So I can just tell you that choosing your heroes is very important. I tell that to the students when they come. Because you are going to gravitate toward the behavior of those around you.

I tell people to be sure and associate with people who are better than you are. Marry up and hope you find somebody that doesn’t mind marrying down. (Laughter) And it will do wonders for you. It was a huge help to me. I can tell you that.

CHARLIE MUNGER: Yeah. I would say that you’re not restricted to living people when picking your mentors. Some of the very best people are dead. (Laughter and applause)