This year in the material which went out in November, I specifically called your attention to a new Ground Rule reading, "7. We diversify substantially less than most investment operations. We might invest up to 40% of our net worth in a single security under conditions coupling an extremely high probability that our facts and reasoning are correct with a very low probability that anything could drastically change the underlying value of the investment."
“At Berkshire we have three buckets: yes, no and too hard. We just throw some decisions into the ‘too hard’ file and go onto the others.”
“…It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."-- Warren Buffett, Berkshire Hathaway, CEO
It's all about "how much you made when you were right" & "how little you lost when you were wrong"