“I’ve been lucky enough to have one like that and I can tell you there’s just nothing like that. It isn’t work anymore, it’s actually something you look forward to every day. You won’t necessarily find it the day you get out, but it is out there,” he said.
Students should also polish their communication skills and read lots, he advised.
Buffett started his first investing class 70 years ago and continued to work with students of all ages until 2018, he said in his letter.
“Teaching, like writing, has helped me develop and clarify my own thoughts,” Buffett wrote, adding that this was a phenomenon Munger called the orangutan effect.
“If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.”
As for Munger, he said at the most recent Berkshire Hathaway annual meeting in Omaha that a key lesson in life is cutting out toxic people.