I want to make two points in this post.  The first is on Buffett’s management style and the second on his patience.

First, Buffett’s management skills are amazingly unique.  I don’t think this is well appreciated, although he has demonstrated his approach for over 30 years now.  Here are his comments from Berkshire’s 1979 annual letter:
Your company is run on the principle of centralization of financial decisions at the top (the very top, it might be added), and rather extreme delegation of...


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