58 years of investing

“At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)

Our satisfactory results have been the product of about a dozen truly good decisions — that would be about one every five years — and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.”

Not many of us get that insight, to look over 58 years of experience in one job (he was investing prior of course). It is astounding to think, that the bulk of success, is going to come down to a few truly good decisions, that come about every five years.

Of course, it’s not obvious when those decisions are made, that they are the ones. But it is humbling to think.

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