Berkshire Hathaway: Fifty Years of Enduring Advice

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1. Just as Mr. Buffett purchases businesses for inclusion in the Berkshire Hathaway portfolio of companies, the shares of businesses we select for inclusion in a mandate must have strong balance sheets, be managed by capable and honest people and generate not only earnings but free cash flow as well.

2. Finally, Mr. Buffett cautions investors from attempting to time the market, saying, “Market forecasters will fill your ears but never fill your wallet.” Words to live by.

3. In particular, I highlight pages 24-43: a look at the past, present and future of Berkshire Hathaway from the perspectives of both Warren Buffett and his partner/intellectual equal, Charlie Munger.

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