Partnership Letter1964-01-019 min read
The Year of Discipline - 1964
Buffett wrote about the importance of discipline in selling - specifically, when he sold Disney and American Express (too early and too late respectively). He also announced his decision to take control of Berkshire Hathaway.
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Key Quotes
“The most important quality for an investor is temperament, not intellect.”
“I made two mistakes with American Express - I sold too soon and then I re-bought.”
[[PLACEHOLDER]]