Sublime

He is both well liked and very intelligent. He is also very rich. I consider his annual “Chairman’s Letter” (in the Berkshire annual report) to be indispensable reading for anyone wanting to do well in business.

A managerial “wish list” will not be filled at shareholder expense. We will not diversify by purchasing entire businesses at control prices that ignore long-term economic consequences to our shareholders. We will only do with your money what we would do with our own, weighing fully the values you can obtain by diversifying your own portfolios throu

have a strong incentive to prevent all waste in operations within their ownership.

Buffett looked at a stock, he was beginning to see not just a frozen snapshot of assets, but a live, ongoing business with a unique set of dynamics and potential.