You know what makes stock investing so dangerous? The fact that we can instantaneously combust a long-term strategy merely if we are having a bad day. The amount of damage we can wreck on our portfolios in under five minutes simply by logging onto a computer account is absolutely crazy. That is why I favor stock certificates, because it is a great way to build some friction and resistance between yourself and the stock you are trying to sell, as well as make it easier upon yourself to remember that you are a long-term owner of your stock.
I understand why everyone cloaked in the Berkshire Hathaway story is dwarfed by Warren Buffett. After all, the man managed to compound wealth at a rate of 20% for half a century by investing (rather than, say, inventing) and he developed an aww-shucks persona (albeit a politically motivated one) that enabled him to relate to the public at a large in a way that many of the socially reclusive and inept money managers of the 20th and 21st century never could.
There are some managers of Berkshire subsidiaries that deserve far more attention than they actually receive, and Rose Blumkin is one of them. Charlie Munger was absolutely correct when he said the … Read the rest of this article!