Warren Buffett’s Formula for Success: One Good Decision Every Five Years

One of the most successful people in the history of capitalism recently did something out of character: He proposed a theory for his own success. 

Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway is a chance for him to reflect on the past year. This year, he also ruminated on the past 58 years, and he managed to summarize his career in two numbers. The first was Berkshire’s returns over that period: 3,787,464%. The second number was smaller and less precise but no less astonishing.