The Benefits of Self Doubt

But Berkshire Hathaway did it a bit differently. With 35,000 stockholders hanging on every word from Buffett’s mouth at their meeting, he not only welcomed but specifically invited participation from someone who disagrees with him. Doug Kass is an investor who has publicly shorted Berkshire Hathaway’s stock; Mr. Buffett asked him to be on the panel of analysts asking questions at the annual meeting. Far from congratulatory softballs, Mr. Kass was certain to pose skeptical questions challenging the strategy of the company—and that’s exactly what Buffett wanted.

This is just a recent example of a lifelong trend of seeking out people who doubt and disagree with him. What Warren Buffett knows is that you have to be willing to open your eyes and ears to contrarian thinking, to challenge and test what you’re doing. He is open to feedback and doesn’t take it personally. He knows that he doesn’t have all the answers; he doubts himself every day, and that doubt drives him to keep looking and thinking about different ways of doing things.

And the way you respond to those contrarian views is so important. You cannot reject them out of hand. You might take those objections in mind and overcome them with counter-evidence, giving you more confidence in your idea. Or you might change your mind as a result of those objections. But either way, you have to take them seriously and engage with them, not ignore them. Self-doubt helps you refine your thinking—no matter which direction it takes you.