"In America..."

| February 24, 2018
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Warren Buffett’s Berkshire Hathaway annual letter was released on Saturday.

I am going to be highlighting certain sections for my readers throughout the next few weeks.

While he didn’t touch upon in detail his succession plan, it was his shortest missive in nearly two decades.

In just a few sentences he highlights three important long-term investor lessons:

  1. Buying stocks should be viewed through the lens of investing your money in an actual business, not a ticker symbol
  2. He will make mistakes (read: IBM)…as will all investors
  3. He is undeniably bullish…for US investors

“Charlie and I view the marketable common stocks that Berkshire owns as interests in businesses, not as ticker symbols to be bought or sold based on their ‘chart’ patterns, the ‘target’ prices of analysts or the opinions of media pundits. Instead, we simply believe that if the businesses of the investees are successful (as we believe most will be) our investments will be successful as well. Sometimes the payoffs to us will be modest; occasionally the cash register will ring loudly. And sometimes I will make expensive mistakes.

“Overall—and over time—we should get decent results. In America, equity investors have the wind at their back.”

Buffett regularly argues that the very long-term outlook for the U.S. economy and stocks is very good, he is undeniably bullish…for US investors. Notice the caveat: for US investors. How is that for home base bias!

 

Stay Tuned, Disciplined & Patient! {TJM}

The Investor & Character Equation (ICE) | S + R = O

 

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