In reading the newspapers, where so much is taken for granted in considering things on a money standard, I think we need some of the sense of humour possessed by an Irish neighbour of mine, who built what we regarded as…
In reading the newspapers, where so much is taken for granted in considering things on a money standard, I think we need some of the sense of humour possessed by an Irish neighbour of mine, who built what we regarded as…
Warren Buffett《Berkshire Hathaway 2021 Letter to Shareholders》· 2021 Chairman's Letter · Investing
Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.
In reading the newspapers, where so much is taken for granted in considering things on a money standard, I think we need some of the sense of humour possessed by an Irish neighbour of mine, who built what we regarded as…
In beginning the work I had some advantages. My father's training, as I have said, was practical, the course at the commercial college had taught me the rudiments of business, and I thus had a groundwork to build upon.…
21:00 Figures · Investing · Modern investor letters
Benjamin Graham:Withstanding Adversity
Benjamin Graham《Security Analysis》· Chapter VII, The Selection of Fixed-Value Investments: Second and Third Principles · Investing · Character · Decision
The rule that a sound investment must be able to withstand adversity seems self-evident enough to be termed a truism.
A sound investment must be able to survive adversity, not just prosper in good times.
Context
Graham used this line to introduce the principle of buying bonds on a depression basis. Any bond looks safe in good times; only a recession reveals the difference between strong and weak issuers. A sound investment must assume that adversity will come, not that good times will last forever.
Today's question
Your portfolio looks fine in good times—but which link would break first when adversity arrives?
In reading the newspapers, where so much is taken for granted in considering things on a money standard, I think we need some of the sense of humour possessed by an Irish neighbour of mine, who built what we regarded as…
And Warren and I don't feel like we have any great advantage in the high-tech sector. In fact, we feel like we're at a big disadvantage in trying to understand the nature of technical developments in software,…
Berkshire avoids high tech out of an honest assessment of its competence, not disdain.
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