Just reviewed Buffett’s annual letter. While always entertaining to hear his folksy charm, at this point I don’t learn anything from him.
I first read his letters in 2007 and felt, like many, that I had discovered a secret to investing. What in fact I had discovered is wisdom that can’t be immediately implemented – but confirmed over time through innumerable mistakes.
Furthermore, what has become even more clear to me is that everybody has to play their own game. Investing is the intersection of opportunity, interest, and goals. It’s unlikely that all three align to what old Warren’s are.
Knowing my game has taken time, and I believe that over the long run, I’ll have wisdom to bequeath for others to ignore (…at least initially).