An open letter to Warren Buffett on being ‘lucky’

Dear Mr. Buffett,

I am writing to you with a mixed sense of joy and lament after reading your recent and final chairman’s letter to Berkshire Hathaway’s (BRK-A) shareholders.

First, thank you for all that you have done for so many investors, businesses, and plain individuals like me in ways that you could never fully know or comprehend. You and Charlie Munger combined to create one of the greatest wealth-building teams in modern times.

It would be such an honor and joy if my letter found its way into your hands because I believe you can correct a sentiment expressed in your final letter before “going quiet.”

The big one that got away

My dad, who is now 92, often repeated the story to us of the time when his friend convinced him to buy a share of BRK-A stock in 1986, when “Mr. Market” (as you have referred to it) valued a share at $2,900.

When you began the “Lunch Auction,” the opportunity to sit with you for a private lunch, more than 20 years ago, I tracked the first auction with daydream-like interest. It was a brilliant idea and a winsome means to generate funds to support a meaningful charitable cause. I watched as the price quickly left the stratosphere. My understanding is that every winner bid more than $1,000,000 to be invited to the steak dinner with you! This simple gesture raised more than $34 million for an organization that provides services to the poor and homeless.

These bids did not come from foolish people. They were successful business leaders wanting to learn from your wisdom.

World’s best investor

While we do not know each other, I teach others about biblical financial principles and often refer to you (and Charlie) as the “world’s best investors.” Starting from a very young age, you saw and took opportunities to invest and make money grow. Few people that I have ever read about were so mature and forward-thinking as an adolescent. Certainly, I was not one of them. On the contrary, I was very foolish with money well into my young adulthood.

Your success did not come from an inheritance, luck, or random chance. In my frame of reference, this is summarized as wisdom.

In pondering your personal life reflections, my mind was pulled to the redemptive story in Frank Capra’s “It’s a Wonderful Life.” You are like George Bailey, a hometown boy who did well for others by sacrificially saving the bank from the evil, greedy Henry Potter. He never left Bedford Falls, but by doing well for his depositors and remaining true to his values, he blessed everyone around him. The celebration in the closing scene reminds us all that character matters more than money or power.

Now at age 95, you, the “Oracle of Omaha,” have stated that you are “going quiet.” Had I been able to attend an annual meeting or win my very own Lunch Auction and sit face-to-face, I would make one appeal for your consideration.  

Your final letter makes significant reference to “dumb luck,” “luck,” and “Lady Luck.” The term is intentionally used while making self-deprecating comments about your long life and disproportionate share of financial rewards. I understand you are deflecting credit and humbly acknowledging it was not all about you. That is true; we Americans were advantaged to be born during a time of increased life spans, tremendous economic opportunity, and unprecedented global expansion. But I believe we can identify the source of all good fortune.

My worldview is that God controls our destiny, and some are set apart through wisdom.  Solomon, the wisest and richest man to ever walk the Earth, said it this way, “By wisdom a house is built, and through understanding it is established; through knowledge its rooms are filled with rare and beautiful treasures” (Proverbs 24:3–4 NIV). This statement closely resembles another: “The LORD by wisdom founded the earth; by understanding He established the heavens” (Proverbs 3:19 NIV).

I don’t, for a minute, believe your life story is attributed to Lady Luck, good fortune, karma, or random chance. God gave you the health, intelligence, and wisdom to accomplish so much. King David summarized his worldview about wealth and success like this:

“Everything in the heavens and earth is yours, O Lord, and this is your kingdom. We adore you as being in control of everything. Riches and honor come from you alone, and you are the ruler of all mankind. Your hand controls power and might, and it is at your discretion that men are made great and given strength” (1 Chronicles 29:11–12 TLB).

God gave you the riches and the honor, Mr. Buffett. He deserves it in return. I pray that you will consider giving credit to the real author of your remarkable life story.