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Buffet Letters
I'll be sharing the main takeaways of all Warren Buffet's shareholder letters, in 5 year periods.

Below, 1957-1961:

1957

  • Warren's biggest position was at 10/15%, but he wanted it to be at 20%.
  • He said he would expect for fair price to buy more.
  • Takeaway: Do not overpay

1958

  • Undervalued stocks can also suffer during downturns
  • He makes no attempts to forecast
  • Liquidity is important
  • Biggest position accounted for 20/25% of total assets

1959

  • Paraphrasing a bit, he decided to stay on his course of 'overconservatism' rather than adopting a 'New Era' mentality.

1960

  • "4 years is too short of a period to draw conclusions"
  • An investment play is mentioned, where a mapping company was being mispriced, to his view.
  • He looked willing to buy undervaluation when 'corporate action' could turn the ship.

July 1961

  • He began writing 2 letters per year
  • Partnerships merged
  • 4M in AUM

Jan 1962

  • Indexes are ferocious competitors
  • What's cheap can go cheaper
  • "You will not be right simply because a large number of people momentarily agree with you"
  • No predictions
  • 21% in the biggest position
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