cho, page-52

"And who says Warren Buffett has lost his touch!"


Buffett understands the game totally.

His legacy will not be the fact the he became the most successful investor of his generation (which he is by the proverbial country mile) but for the fact the he put pen to paper and explained it all so lucidly and concisely in his essays and letters to shareholders. His ideas have been known for 30 years or so, and I have not seen anything that matches his insight and clarity since.

Anyway, regarding lessons for 2008 .. you are quite right, good investments are the exception rather than the rule. If you are going to succeed in this game, your success will come from a handful of your investment choices.

The obvious consequence of this is that you should always be looking in the right places, the right companies, the right management, the right price.

Once you start compromising and get caught up in the hype you will end up wasting too much time trying to dodge bullets, frequently without success.

Happy New Year.

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