The Berkshire annual meeting was this past weekend. It was not quite the same without Charlie Munger. His one-liners were absent. No “I have nothing to add.”
Warren Buffett, with the help of Greg Abel, and Ajit Jain, answered questions for five hours. His answers seem to get longer every year. But the lessons were still there. The broader takeaway is that investing is still simple, but not easy. Let’s dive in.
Stocks are Businesses
We always look at every stock as a business. We have no attempt made to predict markets… It’s such a simple approach that it’s almost deceptive. Most things if you keep working harder and harder at it, you know, you learn a little more math or you learn a little more physics. But investments, you don’t really have to do that. You really have to have your mind set properly. — Warren Buffett
There’s a business behind every stock. It’s one of the first lessons Buffett learned from Ben Graham’s The Intelligent Investor. That simple idea can get lost in the daily noise when markets and media combine to misrepresent what’s important. Continue Reading…