Chairman's Letter - 1981 - Deepstash
Chairman's Letter - 1981

Chairman's Letter - 1981

Curated from: berkshirehathaway.com

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In the long run, managements stressing accounting appearance over economic substance usually achieve little of either.

WARREN BUFFET

3

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We have made plenty of such mistakes - both in the purchase of non-controlling and controlling interests in businesses ..., however, we generally have been able to correct such mistakes far more quickly in the case of non-controlled businesses (marketable securities) than in the case of controlled subsidiaries. Lack of control, in effect, often has turned out to be an economic plus.

WARREN BUFFETT

3

38 reads

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