I learned how to do deals from Len Fassler. Last week, I got an email from Dustin Kloempken , who sent me a few quotes he wrote down from the Berkshire Annual Meeting. One of them jumped out at me. “Turn every page. One important ingredient in the investment field that very few people do. And those people who did read every page aren’t telling you what they learned. You have to read every page.“ ...
Every year, one of my favorite things to read is the Berkshire Hathaway annual letter . The 2018 version is out and, as always, is a beautiful thing to read if you have any interest in business and economics. I particularly loved Warren Buffett’s reflections at the end of the letter in a section called The American Tailwind, which follows: On March 11th, it will be 77 years since I first invested in an American business. The year was 1942, I was 11, and I went all in, investing $114.75 I had begun accumulating at age six. What I bought was three shares of Cities Service preferred stock. I had become a capitalist, and it felt good. ...