Volume 9 – Number 2


As always, we made the annual pilgrimage to Omaha for Berkshire Hathaway’s 2018 Annual Meeting.  We are proud to report we returned to Atlanta smarter than when we left. If you care to soak up Warren and Charlie’s wisdom from the comfort of your home, click here for a full recording of the meeting. We advise that you at least listen to minutes 43:50 through 58:02, which offers a reminder of why a long-term mindset is the greatest advantage an investor can have.


While on the subject, a new book is out about the Berkshire Hathaway Annual Meeting titled The Warren Buffett Shareholder: Stories from inside the Berkshire Hathaway Annual Meeting. The book is a collection of first-hand accounts from long-time veterans of the meeting. One account was written by a dear friend of ours, Mark Hughes, and he mentions one of our own, Gary Watkins, on page 41.


One last thing on Buffett. CNBC recently created the Warren Buffett Archive, which can be found here. Spend a little time exploring and learning from the Oracle himself.


Our time is our most valuable resource, but most of us allocate it very poorly. In fact, we regularly spend our time on small tasks like putting out fires or busywork, and we mischaracterize investing our time in big tasks like thinking as wasteful. As this article points out, that is a costly mistake. Although no immediate returns will be had, the long-term returns will be exponential.






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  • The primary goal of value investors is to avoid losing money.

    — Seth Klarman