Part 2 - A Moment with the Oracle: Leadership Lessons from Warren Buffett
In my previous article, I shared about what I have learnt from the town hall that Warren Buffet conducted for my previous company. After the townhall, I had the opportunity to have a 10-minute interaction with him. I like to share my experience with him and the lessons that I gained from this interaction and hope it would be useful for you as it is useful for me.
TOP : Bernard's meeting with Mr Warren Buffett
A Personal Connection
During the townhall, Mike Owen my global supply chain colleague and I were seated in the last row of the auditorium. When the town hall ended, we agreed that we must go up and say Hello to Warren, shake his hands and jokingly, we said maybe he will tell us what stocks to buy 😊😊.
As I was approaching him, our CEO James Hambrick saw me and said, “Warren, this is Bernard, our no. 1 man in Asia”. James then walked away to talk to some other folks.
I walked to Warren, shook his hands and said, “Warren, it is really a pleasure to be able to meet you in person”. Warren shook my hands warmly and firmly, and replied, “Glad to meet you too Bernard, and you are coming all the way from Asia”.
A short 10 minutes with Warren, 1 on 1, chatting totally unplanned and unscripted for both of us.
I was deeply impressed with Warren’s friendly disposition and that made me very comfortable. The first question he asked was where am I based in Asia Pacific. When I said Shanghai, he said he heard it is a beautiful and booming city based on what his daughter told him as she stayed there for a couple of years.
He then enquired about my family and I shared with him that I am from Singapore. Warren asked how many years I’ve away from home. When he heard more than 12 years, he immediately asked if my family is with me. He is a caring leader when he said it is important for the family to be together. With my wife and 2 millennial kids, I shared that my wife is with me in Shanghai, my son finished high school in Shanghai American School and went back to Singapore, just finished serving our 2-year mandatory military service. He is doing a temporary job and will be going to further his studies in Sydney; my daughter finished high school this year and just started college in the US. He really wanted to make sure my family situation is well and good.
Then, he asked about Singapore and said that Charlie Munger, his trusted business partner is a LKY (Lee Kuan Yew) fan. He also said we have a great leader in LKY and he is fortunate to have met LKY a couple of times in the US and he said LKY is a visionary. I told him that Singaporeans including me have the deepest respect for LKY.
After that, Warren asked about China economic growth. He is probing to understand more. He said that he heard about the Expo Shanghai 2010 and that it was highly successful to bring China up another new level. I shared with Warren that after WTO in 2000, the Beijing Olympics in 2008, followed by Expo Shanghai 2010, each time it’s a leap frog, and it is clear to me that China will continue to grow and that its rise is irreversible. Warren said he is pleased to hear that I am optimistic on China growth as I am the Asia leader.
Warren then shared with me that he had invested in BYD as he believes EV will be the future. While EV will over time erode LZ Additives business, he is impressed that Lubrizol acquired LZ Advanced Materials about 8 years ago and he said our CEO James is a visionary. LZ Advanced Materials’ Personal & Home Care, Engineered Polymers, Performance Coatings, Pharma/Life Sciences businesses will balance the portfolio and enable some synergies between LZA and LZAM going forward. Warren is fully aware and said that none of our LZ Additives competitors have other business to balance their portfolio for the future.
Finally, he asked a few questions about Lubrizol in Asia. High level questions of revenue, volume, profit and Asia of Lubrizol globally. Not surprised, and I am glad he asked. He is seeking assurance that Asia Pacific the growth region is growing well.
I also highlighted to Warren that besides China, ASEAN is critical for our long-term growth. With a population similar to the EU, and the average age of around mid-20s, we will have to invest in S.E. Asia too and capture our business growth. Warren said that’s a strategy issue and he is glad I am on it.
Proactively, I also shared that in Asia, the team is younger, more inexperienced vs. colleagues in the US and Europe, so developing future leaders and retention is a critical issue and my team and I put a lot of effort into it. I explained that coaching and mentoring is extremely important and is close to my heart. Warren listened, nodded, and said he is impressed I am doing that and he learned something on people demographics in Asia, and a confirmation on ASEAN growth. His humility comes through as a leader that he doesn’t know everything and he is also learning. Warren wished me success going forward.
Warren then ended our conversation by saying, “Bernard, let’s take a photo together”. I said OK, and stood beside him for the photographer. Warren surprised me when he said, “Let’s get closer”. He moved nearer and put his right arm on my shoulder. He showed his respect and kindness to people.
Coaching Insights
A couple of days later, on my long-haul flight back to Shanghai, I reflected on my conversation with Warren and his townhall. Warren is both a good investor and a good businessman.
With coaching and mentoring very close in my heart, I analysed Warren’s leadership and also coaching approach. Warren has the core leadership and coaching competencies intertwined when he talks with people:
Delegate and Empower: Warren, with his vast portfolio of companies, understands the importance of empowering CEOs and leaders to make decisions and drive results.
Communicate Clearly: His use of simple, concise language ensured his message was understood by everyone.
Listen Actively: Warren actively listened to my perspective on Asia business and family life, demonstrating empathy and a desire to understand.
Humility: Despite his success, Warren readily acknowledged that he learned something new about the demographics and leadership needs in Asia.
Respectful, Friendly and Kind: His warmth, genuine kindness, and respect for everyone he met were evident throughout our interaction. Telling me to stand closer and putting his hand on my shoulder for the photo taking says it all.
A Lasting Impact
Warren Buffett's coach-like leadership style, characterized by a blend of humility, clarity, and unwavering focus on results, has profoundly influenced my own approach to leadership and coaching. Since then, I strive to emulate his ability to communicate effectively, listen actively, and empower my team to achieve their full potential.
This experience reaffirmed the importance of coaching and mentoring, particularly in helping successful leaders to be more effective, and developing future leaders. I've since deepened my coaching knowledge and skills with Vistage Chair/CEO Coach accreditation, and Marshall Goldsmith Stakeholders Coaching certification. Coaching drives true and sustained improvement in leadership skills including communication, developing organizational culture & leaders, and managing performance.
My encounter with Warren Buffett was a reminder that true leadership is about more than just achieving financial goals; it's about building a strong foundation of trust, respect, and shared purpose.
About the Blog Contributor : Mr Bernard Wong
Bernard is an experienced business leader with over 30 years of experience in Asia Pacific. Bernard posses strong, proven track record as a business leader, having successfully led two businesses in China and one business for the Asia Pacific over 17 years. Currently an executive coach, Bernard help elevate his coachee, learners strengthen their leadership perspectives and drive sustainable business success. For queries on his work and training, do write to enquiries@odctraining.com.sg to request for an appointment.
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