By Alec Hogg
Some things must be savoured. Among them, is Warren Buffett’s annual letter to shareholders. Released a week ago last Sunday, a smattering immediately made headlines and then, well, nothing. With 38 pages of his distilled wisdom available, that’s like having a few crisps in the waiting area then leaving the Grill House before being shown to your table.
I’m enjoying small bites of the 2015 Buffett missive nightly. Especially like his view that experience in business made him a better investor – and investing improved his business skills. Buffett explains: “Each pursuit teaches lessons that are applicable to the other. And some truths can only be fully learned through experience.”
Five years ago, Buffett told shareholders he was looking for assistants to help run Berkshire’s now $110bn share portfolio. It took him a year to find Todd Combs and another few months to bring aboard Ted Weschler. Each of them manages a fund of $7bn. Both have comfortably outperformed the overall portfolio. Buffett writes he has now installed his proteges as chairman at two Berkshire subsidiaries each generating around $100m profit a year. Practicing what he preaches. A message in that for money managers – and businessmen – everywhere.
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