Value Investing and Lifelong Learning with Cole Smead
Excess Returns
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We Were Wrong. We Were Just Wrong on That.
In 2021, we ran through some of the same exercises and businesses we own. We sold Disney, for example, in 2021. My dad had owned that stock since the 9-11 attacks back to our contranism. It's like sucks to be Bob Chappick. But they're not really mistakes if you followed your process. What Buffett says is those sins of omission are his most important mission as a portfolio manager.
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