Investor In The Family Radio

Welcome to Episode 3 of the "Becoming Buffett" Series! This week we discuss the 1967 letter to Berkshire Hathaway shareholders. Buffett's annual letters book: http://amzn.to/2ogVi4U   Some brief notes: “Our goal is to obtain a reasonably stable and substantial level of earning power commensurate with the capital employed in the business.” Negative: Sales were down, sharp drop in prices, sales and profits down substantially, depressed conditions in textile markets, curtailed production 15% Positive: one sector doing well due to “attempting to establish product lines away from areas of direct competition” P8, para1: spending money internally for the purpose of future increased cash flows P8, para4: conducted research and made tough decision to close a quality plant that had lack of demand for product What are we a slave to financially? Your job? What do you need to cut and stop throwing money into? P8, para7: broader investment philosophy (insurance companies) You can have time as an investor if you are