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- 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.
- 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.
- 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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