"We enjoy the process far more than the proceeds"
About this Quote
Warren Buffett distills a philosophy of work and wealth: the joy is in the doing, not the dollars. After decades of allocating capital with Charlie Munger, he still gets up eager to read filings, evaluate managers, and make a few thoughtful decisions each year. That posture underscores a deeper truth about sustainable excellence. When motivation is anchored in curiosity, craftsmanship, and problem solving, results tend to follow as a byproduct rather than a fixation.
The line also explains Berkshire Hathaway’s culture. Buffett and Munger designed a system that maximizes the fun of the game: permanent capital, decentralized autonomy for managers, minimal bureaucracy, and freedom from the quarterly earnings circus. They prefer buying wonderful businesses run by people they admire and then standing back, letting compounding work. That slow, patient process rewards temperament over adrenaline, and it aligns with their personal habits: living in Omaha, reading all day, avoiding the social arms race that makes proceeds the point.
There is a paradox here. Focusing on process often produces better proceeds. Investors who detach from short-term scoreboard watching are more likely to hold quality businesses through turbulence, maintain discipline when markets are manic, and exploit the rare fat pitch. By reducing the emotional noise around money, they improve the odds of making more of it. The market eventually recognizes value, but the participant who keeps score by learning and execution can endure the wait.
Buffett’s comment also carries an ethical edge. If the thrill resides in the work itself, there is less temptation to cut corners, hype numbers, or chase fashionable fads. Pride in craft and long-term reputation becomes the north star. That is why, despite vast wealth and a pledge to give most of it away, he keeps working; not because he needs the proceeds, but because the process remains endlessly interesting. The lesson scales beyond investing: choose games you would play for their own sake, and the rewards will more likely take care of themselves.
The line also explains Berkshire Hathaway’s culture. Buffett and Munger designed a system that maximizes the fun of the game: permanent capital, decentralized autonomy for managers, minimal bureaucracy, and freedom from the quarterly earnings circus. They prefer buying wonderful businesses run by people they admire and then standing back, letting compounding work. That slow, patient process rewards temperament over adrenaline, and it aligns with their personal habits: living in Omaha, reading all day, avoiding the social arms race that makes proceeds the point.
There is a paradox here. Focusing on process often produces better proceeds. Investors who detach from short-term scoreboard watching are more likely to hold quality businesses through turbulence, maintain discipline when markets are manic, and exploit the rare fat pitch. By reducing the emotional noise around money, they improve the odds of making more of it. The market eventually recognizes value, but the participant who keeps score by learning and execution can endure the wait.
Buffett’s comment also carries an ethical edge. If the thrill resides in the work itself, there is less temptation to cut corners, hype numbers, or chase fashionable fads. Pride in craft and long-term reputation becomes the north star. That is why, despite vast wealth and a pledge to give most of it away, he keeps working; not because he needs the proceeds, but because the process remains endlessly interesting. The lesson scales beyond investing: choose games you would play for their own sake, and the rewards will more likely take care of themselves.
Quote Details
| Topic | Work Ethic |
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