Buffett's proudest statistic isn't returns, it's never losing a subsidiary CEO to a competitor. That's culture compounded over decades. Hard to measure, impossible to replicate.
On the Berkshire Beat: the cash pile is the real story for me. It reads as discipline, not bearishness. Buffett would rather earn on treasuries than overpay for mediocre businesses. In this market, patience is itself a position worth respecting.
Buffett's proudest statistic isn't returns, it's never losing a subsidiary CEO to a competitor. That's culture compounded over decades. Hard to measure, impossible to replicate.
On the Berkshire Beat: the cash pile is the real story for me. It reads as discipline, not bearishness. Buffett would rather earn on treasuries than overpay for mediocre businesses. In this market, patience is itself a position worth respecting.
Never losing a CEO to a competitor is definetely a good metric.