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At the 2013 shareholders' meeting, Buffett said:
In his lifetime, he has held about 400 to 500 stocks, but the vast majority of his wealth actually came from about 10 of them.
Munger's addition
• "If you take away Berkshire's top few (or top five) investments, the company's long-term performance is actually just average."
• "If you take away our best 15 ideas, most of you wouldn't be sitting here."
He has repeatedly emphasized on different occasions (including shareholder meetings): Berkshire's excess returns mainly rely on a few super successful heavy investments, while the performance of the remaining investments was actually quite ordinary.
Catch a few key stocks, have the courage to go heavy, have the courage to hold, have the courage to be friends with time, and finally add a little bit of luck 🍀
You can be your own Buffett!
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