Last Saturday Warren Buffet’s letter to the shareholders of Berkshire Hathaway was released.
I encourage you to read it. In the best case it will raise some interest for this guy within you, and that may be translated in further readings and wiser investments decisions. If it doesn’t go that far, it’ll provide some fun reading. Let me give you some hints of this year’s letter:
“An old Wall Street joke gets close to our experience:
- Customer: Thanks for putting me in XYZ stock at 5. I hear it’s up to 18.
- Broker: Yes, and that’s just the beginning. In fact, the company is doing so well now, that it’s an even better buy at 18 than it was when you made your purchase.
- Customer: Damn, I knew I should have waited.”
“If Charlie, I and Ajit are ever in a sinking boat – and you can only save one of us – swim to Ajit.”
“GEICO’s managers, it should be emphasized, were never enthusiastic about my idea. They warned me that instead of getting the cream of GEICO’s customers we would get the – – – – – well, let’s call it the non-cream. I subtly indicated that I was older and wiser.
I was just older.”
“It’s clear that I failed you in letting NetJets descend into this condition. But, luckily, I have been bailed out.”
“Big opportunities come infrequently. When it’s raining gold, reach for a bucket, not a thimble.”
“Charlie and I enjoy issuing Berkshire stock about as much as we relish prepping for a colonoscopy.”
“If you decide to leave during the day’s question periods, please do so while Charlie is talking. (Act fast; he can be terse.)”
“If pushed, we would gladly pay substantial sums to have our jobs (but don’t tell the Comp Committee).”
It’s only 19 pages…