One of the best safeguards against the erosive tides of inflation extends beyond the mere amalgamation of assets within one’s investment portfolio, notes Warren Buffett. Equally if not surpassingly pivotal, lies the endeavor to enhance one’s own intrinsic value to the utmost degree conceivable.
“The best thing you can do is to be exceptionally good at something. If you’re the best doctor in town, if you’re the best lawyer in town, if you’re the best whatever it may be, no matter whether people are paying you with a zillion dollars, they’re going to give you some of what they produce in exchange for what you deliver,” Warren Buffett said at the 2022 Berkshire Hathaway Annual Meeting. “And if you’re the one they pick out to do any particular activity, sing, or play baseball, or be their lawyer, whatever it may be, whatever abilities you have can’t be taken away from you, they can’t actually be inflated away from you.”
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© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.