Although my long-term investment results were clearly above average, I finally realized that in most environments I could never hope to match the few true super-stars.
As a result, for the last 22 years, over half of our managed assets have been in owner-operated companies like BRK, FFH, LUK, etc. The advantages have been superior returns, relative safety and less trading, which results in lower taxes and less work.
This board of many like-minded and wise members has been a good source of ideas concerning these gems. If I find any new companies managed by the “best allocators of capital”, I plan to share these ideas with you and hope that many of you will do the same for us.
Dan