Patience is a virtue and a vice for Americans. We can be suckers for simplistic formulas, excess leverage, and delusions of certainty. Buffet and Munger avoid these traps. Our obsession with finance distracts from the effective and efficient production of goods and services, engagement with the customer, and the patience and faith to adhere to sound principles.
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By Henry Oliner For the third consecutive year I attended the Berkshire Hathaway annual meeting in Omaha. It has become a tradition for a group of us attending to meet the first night at Drovers Steakhouse where they marinate the
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The call for a higher minimum wage is an admission that policies are stifling economic growth. The best way to increase worker pay is to create a demand for their labor. This means stimulating investment and encouraging risk taking. Capitalism
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During the question and answer session of the annual Berkshire Hathaway meeting one from the audience asked about fuller disclosure of compensation of more than the top executives as required by the SEC. Since there were so many managers getting
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One of the better questions submitted during the annual Berkshire Hathaway meeting concerned the poor track record of most conglomerates. Few succeeded for any length of time. Warren’s response was illuminating. Many conglomerates were just tricks played with the
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I attended my first shareholders’ meeting of Berkshire Hathaway in Omaha this weekend. My investment manager, Gary Watkins (Banyan Capital), has been a shareholder and regular attendee of these meetings for some time. I had heard of these meetings as
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Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious.
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