Buffett: "The secret of life is weak competition"

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1998 Annual Meeting

"The secret of life is weak competition"

Warren Buffett explains why it doesn't help you much if you're a genius competing only with other geniuses.

Mon, May 4 1998 • 9:00 AM EDT

More From 1998 Annual Meeting

1998 Annual Meeting Highlight Reel

Morning Session - 1998 Meeting

Afternoon Session - 1998 Meeting

Berkshire has people "leagues ahead of Charlie and me"

"Buy a stock that you don't ever want to sell"

"We don't have any strategic plan"

Y2K problem won't have a huge impact on Berkshire

Buffett on what is important and what is knowable

"Get it corrected and get back to sleep"

What Buffett looks for in an annual report

"That is a seven or eight foot bar that I can't clear"

There's no "degree of difficulty" factor in investing

Believe markets are efficient? Go right ahead

"What bothers me is when companies pay a lot of money for mediocrity"

"The B has worked out as well as possible"