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Ep 386. Takeaways from Warren Buffett’s Shareholder Letter and Analyzing Ted Weschler’s Dillards Investment

Focused Compounding

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Buffett's Letters on Share Buybacks

I think the more timeless thing that's in it is this discussion of how few purchases that they've made have mattered so much. He says two things one he breaks down if it didn't do well like if it got bond like returns how small a percentage it would become over time. So I like that kind of stuff because otherwise we just have discussions of share buybacks or whateverThings he does do a good job of making letters timeless so that when you have an entire collection of them and read it it makes sense. We don't appreciate that now because we read the 70s or 80s letters and don’t think. Oh why is it not just constantly about inflation and stuff?

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