We would be somewhat wary of any decision to change strategy based on investment fashion. Can’t remember one occasion over the decades when the real Warren Buffet deferred to the stance taken by other investors
Great article TJ. I like Terry’s approach and candor at his annual meetings. Unfortunately his strategy suffers when there are momentum runs outside his investable universe. First he falls behind the benchmark . Then investors get impatient and pull their money. This forces Terry to sell on other people terms. It’s hard to run a quality strategy without permanent capital. His only flaw was being to quick to judge AI and the Semiconductor space. Lam and ASML have been high quality businesses with huge moats for many years. Although cyclical , they have an upward trend and a significant services/ support business which is typically a favored by Terry.
We would be somewhat wary of any decision to change strategy based on investment fashion. Can’t remember one occasion over the decades when the real Warren Buffet deferred to the stance taken by other investors
Great article TJ. I like Terry’s approach and candor at his annual meetings. Unfortunately his strategy suffers when there are momentum runs outside his investable universe. First he falls behind the benchmark . Then investors get impatient and pull their money. This forces Terry to sell on other people terms. It’s hard to run a quality strategy without permanent capital. His only flaw was being to quick to judge AI and the Semiconductor space. Lam and ASML have been high quality businesses with huge moats for many years. Although cyclical , they have an upward trend and a significant services/ support business which is typically a favored by Terry.