Sunday, December 18, 2005

What Warren Do daily

I read all kinds of business publications. I read a lot of industry publications. Coming in today on the plane (garbled). I'll grab whatever comes in the morning. American Banker comes every day, so I'll read that. I'll read the Wall Street Journal. Obviously. I'll read Editor and Publisher, I'll read Broadcasting, I'll read Property Casualty Review, I'll read Jeffrey Meyer's Beverage Digest. I'll read everything. And I own 100 shares of almost every stock I can think of just so I know I'll get all the reports. And I carry around prospectuses and proxy material. Don't read broker's reports. You should be very careful with those.

I think the Wall Street Journal is essential. I spend 45 minutes a day with the Wall Street Journal. Actually, I got up the night before, about 11:00... I frequently read it at night. But I'll read anything. Actually, I probably spend five or six hours a day on reading. We have no meetings at Berkshire. We have a directors meeting once a year, after the shareholders meeting, at lunch. And at the end, I say ¡°I'll see you next year.¡± It's a very economical operation. We don't have a slide projector. We don't have a calculator. We do not have meetings on anything. If I take Ike Friedman, and bring him to a meeting, I've probably lost $20,000 or something. He should be out there selling. There just isn't anything to meet about. He's having meetings in his head all the time about the jewelry store. I'm having meetings in my head about what to do with the money.

Excerpt from "Three Lectures by Warren Buffett to Notre Dame Faculty, MBA Students and Undergraduate Students"


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