Lethargy, bordering on sloth should remain the cornerstone of an investment style.
Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."
Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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