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Channeling Warren Buffett

By Advisor Perspectives
Financial Services

The most popular missives we write are associated with Warren Buffett’s annual letter to shareholders and the annual shareholder meeting in Omaha. This year we thought it would be fun to channel Mr. Buffett and attempt to write his letter for him. In effect, our goal is to predict what matters to him as a portfolio manager of private and public businesses. Buffett’s favorite holding period is forever, so predicting and guessing what matters most to shareholders doesn’t change much from year-to-year. We do this with our tongue in our cheek, knowing we could be left with a bit of egg on our face:

Dear Shareholders,

As we finished the year 2018, we were reminded that stock market setbacks and declines (like the one in the fourth quarter of 2018) are the friend of the long-term investor. My teacher and mentor, Benjamin Graham, liked to say, “In the short run, the market is a voting machine and in the long run it is a weighing machine.”

Read more at Advisor Perspectives.

Photo: DonkeyHotey

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