The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
Warren Buffett on Success, Mistakes and Betting on America
The best quotes from the Oracle of Omaha and his right-hand man Charlie Munger from the 2018 Berkshire Hathaway shareholders meeting.

Last weekend, I had the privilege of attending the annual slate of events for Berkshire Hathaway’s shareholders weekend, which included a few trips to (and interviews at) Berkshire-owned jewelry store Borsheims and the shareholders meeting itself, which took place Saturday at the CenturyLink Center in Omaha, Nebraska.
The vast majority of the meeting consisted of Berkshire Hathaway Chairman Warren Buffett—who is by far the weekend’s biggest attraction—and his longtime business partner and friend Charlie Munger sitting on a stage constructed on the floor of the arena and answering shareholders’ questions.
They did this for six hours. Warren is 87, and Charlie is 94.
What follows are my favorite Buffett quotes from the Q&A portion of the meeting, along with a couple of zingers from Berkshire Hathaway Vice Chairman Munger, who is known for plain-spoken one-liners.
On success: “Being successful at anything means having a passion for it.” (In the interest of full disclosure, this first pearl of wisdom came from the short film shown before Buffett and Munger took the stage to begin the marathon Q&A session.)
On why he made certain investment decisions/mistakes: “In the early years, it’s very clear—the answer is stupidity.”
Buffett was self-effacing and a bit self-deprecating throughout the Q&A, remarking on his own “stupidity” multiple times.
This particular statement was made in response to the question, Why did Berkshire Hathaway never buy stock in Microsoft?
Early on in his career, Buffett admitted to making a mistake in passing up the software stock. Today, the company really can’t because of his close personal relationship with Bill Gates and the fact that Gates is on the Berkshire Hathaway board; Buffett said he wants to avoid any situations that could be misconstrued as insider trading.
(For all the Gates fans, yes, the Microsoft co-founder was in attendance at the shareholders meeting on Saturday, and he also was at Borsheims on Sunday afternoon playing bridge with Warren.)
“Both that and my stupidity have cost us a lot of money,” Buffett said.
On accepting mistakes made by others: “We [all] do a lot of dumb things in this world.”
The above quote came from a question submitted to and read aloud by New York Times journalist Andrew Ross Sorkin.
The questioner employed one of Buffett’s own quotes—“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”—to set the stage for a question about Wells Fargo.
Had Buffett and Munger ever considered dumping their shares in the bank considering all the “leaks” the bank has sprung, including the fake accounts scandal of 2016?
They basically said no.
Buffett noted that Wells Fargo’s actions were really no worse than those of the other big banks with which it competes, adding: “I like it as an investment. I like (CEO) Tim Sloan as a manager. He’s correcting mistakes made by other people.”
On managing a large staff: “You can’t have 377,000 employees and expect that everybody is behaving like Ben Franklin all the time.”
This tidbit also came out of Buffett’s answer to the Wells Fargo question.
Buffett used the employee count at this own company, Berkshire Hathaway, to make a point: when you run a big company (or even a small company), you’re going to have people who do things that are wrong, unethical or just not smart.
No manager, no matter how skilled, will ever be able to account for the actions and decisions of every single employee on a day-to-day basis. Entire companies shouldn’t necessarily be judged on the behavior of a few, or even more than a few, bad people.

On shrinking margins in one Berkshire Hathaway business, McLane: “That’s just become much more competitive. You look at our competitors, and they’re not making much money either. But that’s capitalism.”
McLane is a supply chain company that distributes food and other grocery items to convenience stores, mass merchants, drug stores and chain restaurants. I thought it was interesting to hear confirmation that the jewelry industry is not the only one struggling with margins today.
On what Berkshire Hathaway will look like 50 years from now: “The answer is, I don’t know, and I didn’t know 50 years ago what it would be like now.”
Even the Oracle of Omaha’s ability to prognosticate is limited.
On the United States: “Through it all, in fits and starts, America really moves ahead … This is a remarkable, remarkable country. I’d love to be a baby being born today.”
Buffett remarked on his belief in the U.S.—and his belief the country’s economy will continue to grow—several times over the course of the afternoon.
This particular quote came in response to the question, Is America more divided today than it was 50 years ago, or does social media just make it seem that way?
Buffett’s lived through his share of presidents, political situations and media coverage of both. I don’t think he directly answered the question with a “yes” or a “no” but, basically, he said the country will continue to progress and grow.
Munger wrapped up the answer to the question about the constant bickering today about this Democrat or that Republican with this reminder: “We tend to forget how awful our politicians were in the past.”
On Buffett’s special talent: “Warren is very good at doing nothing.” -- Charlie Munger
In case you were wondering about the habits of one highly successful person, Buffett said he spends five to six hours a day reading, and he also likes to just sit and think.
It reminded me of Pat Henneberry’s column on the importance of downtime in leading a happier, healthier and more creative life.
The Latest

The two organizations have finalized and signed the affiliation agreement announced in May.

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.


Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Sapphire’s variety of colors make it the perfect birthstone for September.

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Sponsored by Clientbook

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.