February 24, 2025 – In his 2025 letter to shareholders released on February 23rd, Warren Buffett, the chairman and CEO of Berkshire Hathaway, shared his views on the educational backgrounds of corporate executives. The billionaire investor made it clear that he does not place significant emphasis on where executives graduated from, or even if they have had higher education.
Buffett illustrated his point by referencing Forest River, an RV manufacturer that Berkshire acquired in 2005. The late Pete Liegl, who led the company at the time of the acquisition, held an MBA degree from Western Michigan University. “Pete’s performance over the next 19 years was nothing short of remarkable, with no competitors even close to his track record,” Buffett recalled in the letter. He emphasized that despite Liegl’s non-prestigious educational background, it did not hinder his exceptional entrepreneurial abilities.
Further elaborating on his stance, Buffett stated, “When choosing a CEO, I never consider where the candidate graduated from. Never!” While acknowledging that many successful managers do come from prestigious institutions, he pointed out that there are individuals like Liegl, who might have graduated from lesser-known schools or even dropped out, yet still achieved remarkable success. He cited his friend and Microsoft co-founder Bill Gates as an example. Gates left Harvard after just three semesters to found Microsoft in 1975, a decision that made him a billionaire by the age of 31. According to Forbes, his net worth has now reached $108.6 billion. “Look at my friend Bill Gates,” Buffett wrote. “He chose to dive into a booming industry that would change the world, rather than waiting for a diploma to hang on the wall.”
In addition to Gates, Buffett also mentioned Ben Rosner, another successful individual with an unusual educational journey. Buffett had acquired Rosner’s $44 million clothing retail business in 1967. “Rosner only went to school until the sixth grade,” Buffett’s granddaughter Jessica Toonkel once told him. Despite this, Rosner achieved significant success in business.
Buffett, who attended three universities himself – the University of Nebraska-Lincoln, the Wharton School of the University of Pennsylvania, and Columbia University – believes in the importance of lifelong learning. However, he also observed that “a large part of business talent is inherent, more than nurtured.” He praised Liegl as “a natural business prodigy.”
