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A 100-page letter is not long if every page teaches you something. A one-page letter is too long if it teaches you nothing.
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I write long letters because investing deserves more than a tweet. Complexity cannot be compressed into 280 characters.
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Berkshire Hathaway is the most misunderstood company in the world. Most analysts do not even try to value it properly.
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Return on invested capital is the single most important metric in investing. Everything else is noise.
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I read every 10-K of every company I own. If that sounds boring to you then investing is not your game.