A letter a day!

My learning from letter 1960:

• Most people when hear about WB, they think about word – stock market, buy and sell, hold what they miss that what is underneath of this operation like Sanborn map where he had to acquired stake go on to board of the company and then face resistance from existing board member to change, acquired more stake and get things done. This is different and that’s why it will be very hard to replicate his records. In future, there are Saloman brother and newspaper investment which has its unique story.
• Though he mentions that “Our bread-and-butter business is buying undervalued securities and selling when the undervaluation is corrected along with investment in special situations where the profit is dependent on corporate rather than market action” but his one third portfolio has been/is/will be in special situation (I have also included control in this one) and sometime more so just to knowing how to buy and sell in market – does not give us edge. In India, during 90’s this was slight advantage as it would take at minimum month, if not more, to just open trading/demat account. We need to bring something different to table in order to earn outsized returns.
• Investment capital size matter; it has its own disadvantage and advantage like with more capital you can influence decision of company at the same time it would be hard to get investment opportunities which move needle to get sufficient return on invested capital.

@aashka_trivedi , I think you forgot to attach letter for 1961.

Thanks!