Love Letters from Warren - Day 15 (1991)

I read Warren Buffett's 1991 shareholder letter. Here are some investing insights I gleaned 👇
But first, a market snapshot from that year
Warren discusses how he thinks about the portfolio, and discusses a concept called 'look-through earnings'
There's a great thread on look-through earnings by @10kdiver https://twitter.com/10kdiver/status/1309903384195948544?s=20
He also considers a portion of his public holdings 'permanent', and will not sell them to invest in a more attractive opportunity
Buffett has clearly demonstrated that he is a long-term investor who thinks like an owner. Here he sums up his philosophy
Here is another summary of his investment process. He frequently drills this home
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