BUFFET’S LETTER TO SHAREHOLDERS? 31 PAGES. SEE? See? It’s not just me. I always

BUFFET’S LETTER TO SHAREHOLDERS? 31 PAGES. SEE?

See? It’s not just me. I always get crap for my long missives to shareholders, but the truth is – aside from investors with ADD – people read them and learn from them.

I also got crap from people thinking I manipulate the board when I ask for advice from the board. It isn’t true. I think pretty scientifically: if I cannot convince the board then I shouldn’t do it. If I can convince the board (even if it takes a lot of work) then I probably should do it. Although, this strategy backfires when you think the economy will collapse and take your business down with it, and you can’t convince your board that you’re right. And sure, it depends upon whether your board consists of professional executives or not. But, I don’t pitch to the board as if I’m asking their permission. I am not sure I have respect for the board process at all. In my experience, it’s been nothing other than a legally sanctioned venue for fucking common shareholders. I use the board for testing theories. Particularly acquisitions.

Buffet’s amazing. So is greenspan. I keep thinking that I could lose some of my higher faculties in the next decade. But then I look at other men of capacity and I realize that if you avoid alcohol and keep reasonably active and busy that you can be effective until 90’s. I kind of doubt that after 70 I’ll have the kind of insights that I’ve had in my 50’s – which, aside from my 20’s, has been my most intellectually fruitful period. But Hayek did great work late in life, and he is the mind I most closely associate with.

In the absence of knowledge all we can do is struggle onward. 🙂

Curt