No Finish Line in Sight

The question “How much longer do you have?” tends to get under my skin. Not because it hints at the year I was born. But because it implies that I’m even remotely interested in “retirement as a goal.” As if I were marking off the days on a wall calendar like a conscript counting down to discharge. In Austria, you hear this question all too often once you’ve reached a certain age – in every imaginable dialect.

My role model in this regard is U.S. investor Warren Buffett. At the beginning of May, during the annual shareholders’ meeting, he announced his decision to step down as CEO of Berkshire Hathaway at the end of the year. By then, he’ll be 95. At my age, he would likely have said: “I’ve got a very, very long time to go.” And he would have said it with a smile – one full of anticipation for all the good things yet to come. That’s the key difference between a job and a passion.

Nearly 40 years ago, Mr. Buffett was just getting warmed up. And that’s how I see it too: investing is one of the few pursuits where you can continue to improve over decades. Knowledge, experience, networks – they all grow if you stay the course.

Progress over countdown

It’s not about having an answer to every question. Or a perfect solution for every problem. As Buffett said at the meeting: “We are not in the business of trying to solve unsolvable problems.” And still, decisions must be made. Not everything in a portfolio will work out right away. But if we keep getting just a little bit better, over time – over decades – that will bear fruit.

According to Statistics Austria, my life expectancy is ten years below Warren Buffett’s current age. That’s one of the rare moments when I’m happy to say: “I couldn’t care less about statistics.” The market has no beginning and no end. And that’s how we should approach investing: without a time limit. As if we were going to live forever.

When Buffett was asked how he would like to be remembered, his off-the-cuff reply showed his trademark wit: “The main thing I’d like to be known for is old age.” I couldn’t agree more.