Warren Buffett has billions of dollars to spend and eager acolytes holding open the doors to the best deals. Yet Buffett wasn’t always an A-list player with a cult of personality. That Buffett still exists in the annual letter the Berkshire Hathaway chairman writes to company shareholders.
In those pages, Buffett spells out how he thinks about buying and selling, or more precisely — not buying and not selling. In his writing you glean messages about being true to your style but also open to change. You learn about not settling for mediocrity and being patient for better prices so that you have a shot at above-average performance.
Consider the Berkshire letter free advice from the Oracle of Omaha. But of course he’s not the only source — many money managers are arguably better than Buffett. They’re just quieter about it, racking up gains for their investors without fanfare and shareholder love-fests. They have no time for the press and go about their business with diligence and discipline.
More power to them. The rest of us will have to settle for Buffett. And should you come across words of wisdom from these unsung super-investors, please, don’t keep it to yourself.