Buffett Once Revealed His Secret to Long-Term Success: "Weeds Wither Away in Significance as the Flowers Bloom"

One of the most admirable features of Warren Buffett's 83-year investing career (he bought his first stock at age 11) is how freely he admits to mistakes at Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). In each of his annual letters to shareholders, he could simply tout Berkshire's massive historical outperformance, and highlight his biggest winners.But the Oracle of Omaha, who analyzed Dale Carnegie's book How to Win Friends and Influence People as a youth, seems to have taken the book's 12th Principle, to admit mistakes "quickly and emphatically," to heart. In his letters and public statements, he shines a light on his missteps and mistakes he says are purely his own.Yet you can't achieve a return from 1965 to 2024 of 5,500,000% without getting a few things right. What most people don't understand is that in Buffett's case, it really does come down to getting just a few things right. In his own words, Berkshire's multimillion-percent rise came down to "about a dozen truly good decisions -- that would be about one every five years."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool