Subject: Re: FT Series BRK after Buffett
When you get the rare opportunity, 3 or 4 times in a lifetime, to visit the Pie Counter, don’t take a small helping. Charlie Munger’s advice and a rule Buffett & Munger live by. Both have mad TONS of poor investments (avoiding wipe outs) but are batting close to 1.000 on the FEW Pie Counter visits. The ones that move the needle. The lieutenants led the General to the Pie Counter. That’s GENERATIONAL.

If 1 of these lieutenants, as reported, initially invested in Apple and turned Buffett on to this 1 investment…how do you value that contribution? I think a “report card” is silly. The 2 guys combined manage $30 Billion. Yet they moved Buffett to an investment that more than tripled the money they manage. THATS outperformance you could only dream of.

Don’t miss the forest for the trees.