STREET DOGS

One-liners from Warren Buffett’s 2017 letter to Berkshire Hathaway shareholders:

As is the case in marriage, business acquisitions often deliver surprises after the “I do’s”.

Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do.

My suggestion: Before even discussing repurchases, a CEO and his or her board should stand, join hands and in unison declare, “What is smart at one price is stupid at another.”

That old line, “The other guy is doing it, so we must as well,” spells trouble in any business.

As Charlie says, it’s great to have a manager with a 160 IQ — unless he thinks it’s 180.

I’m not aware of any enticing project that in recent years has died for lack of capital.

We like to make hay while the sun sets, knowing that it will surely rise again.

In a couple of instances, I stumbled in assessing either the fidelity or ability of incumbent managers or ones I later put in place. I will commit more errors; you can count on that. Fortunately, Charlie — never bashful — is around to say “no” to my worst ideas.

When a company grows and outstanding shares shrink, good things happen for shareholders.

Be aware, though, that it’s the growth of the Berkshire forest that counts. It would be foolish to focus over-intently on any single tree.

It is true that we own some stocks that I have no intention of selling for as far as the eye can see [but] we regard any marketable security as available for sale, however unlikely such a sale now seems.

[The saying:] “It’s not how you sell ’em, it’s how you tell ’em” continues to work in Wall Street.