Subject: Warren Pearl-1992
“If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows. Incidentally, that shortcoming doesn’t bother us. What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. An investor needs to do very few things right as long as he or she avoids big mistakes.”
—Buffett, 1992 Annual Report

Been rereading some of Warren’s “meaty” past letters, motivated by his recent announcement. His wisdom and his writing style are such wonderful gifts.