Warren Buffett says luck played a major role in his success, crediting the “ovarian lottery” and the opportunities he received over individual effort alone.
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Warren Buffett
Legendary investor Warren Buffett believes that luck has played as much of a role in his success as talent and hard work. Speaking in a recent interview with CNBC, the Berkshire Hathaway chairman reflected on the circumstances that helped him build one of the world’s largest fortunes, currently estimated at around $147 billion.
Approaching his 96th birthday, Buffett said he considers himself among the luckiest people alive. According to him, many of the biggest factors behind his success were outside his control, including where he was born, the family he grew up in and the opportunities he received at a young age.
Buffett says early exposure changed everything
One of the defining moments in Buffett’s life was being introduced to investing by his father, Howard Buffett, who worked as a stockbroker. Buffett said that discovering investing early was largely a matter of chance.
“If my father had been a plumber, I would not have,” Buffett said, explaining that his career could have taken a very different direction had he been raised in different circumstances.
He added that finding something he loved at a young age helped shape the rest of his life and career.
Longevity also contributed to his wealth
Buffett also credited his long life for allowing his investments to compound over decades. Reflecting on his age, he joked that he had simply accumulated wealth for longer than he deserved.
“I accumulated marbles for a longer time than I deserved. That’s just a matter of luck,” he said.
Buffett made his first stock investment at the age of 11 by purchasing three shares of Cities Service. That early investment marked the beginning of a career that eventually transformed Berkshire Hathaway into one of the world’s most valuable companies.
The “ovarian lottery” philosophy
The billionaire has long argued that success depends heavily on what he calls the “ovarian lottery”—the idea that the circumstances of a person’s birth often have a greater influence on life outcomes than individual effort alone.
He has previously acknowledged that being born in the United States and benefiting from the opportunities available to him played a significant role in his financial success.
Although Buffett stepped down as Berkshire Hathaway’s CEO last year, handing leadership to Vice Chairman Greg Abel, he continues to remain actively involved with the company. Beyond business, Buffett has pledged to donate 99% of his wealth to charity and recently said he hopes the distribution of his remaining fortune will be completed within eight years.