Last night, I watched the last episode of the sixth season of the show Better Call Saul. Early in the episode, the protagonist, Saul Goodman, reveals what he would do if he built a time machine. This equipment is a traditional tool for dreaming up the solution to regrets. On the financial side, most of those approaching retirement regret one common factor.
Saul explains that if he could build a time machine, he would go back to 5/10/1965.
That was the date Buffett Partnership Ltd took over the Berkshire Hathaway textile company. This was the company that later became Buffett’s acquisition vehicle.
This date is emblematic. It is not the beginning of Buffett’s career.
Buffett’s career as a money manager began much earlier. In the book A Bola de Neve, author Alice Schroeder recounts that Buffett created his first asset management company, Buffett Associates Ltd, in 1956, nearly a decade before the date Saul chose to go back in time.
The reason for going back to that date was the possibility of investing together with Buffett. Thus, he would become a billionaire these days.
This wish portrays the common regret of most adults just before retiring.
The regret of not having started earlier to plan and save.
Maybe someone will comment, “Michael, you’re not telling me anything new. I already know you have to start first.”
Yes, many know, but few do anything.
Usually, this regret arrives around 50 to 60 years of age. I know this because I deal with a lot of investors.
Buffett shared his secret in 1999 at an annual meeting, analogizing his heritage to a snowball: “Start early. I started building this little snowball on top of a very long hill. long is to start very young or live to be very old.”
What are you doing now so you don’t regret it in the future?
Start building your snowball now like Buffett did. After all, it is unlikely that there will be a time machine like Saul Goodman wishes.
Michael Viriato is an investment advisor and founding partner of Investor’s House
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I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
