Thread by @RamBhupatiraju

Excellent compilation of Forbes articles on Warren Buffet from 1969 to 2000s. h/t @valuewalk 👏

@dmuthuk @Gautam__Baid

valuewalk.com/wp-content/upl…

Reading articles from the actual period (instead of books written after he was already widely famous) provides more interesting details on how his investing process evolved over the decades..

->Pure Balancesheet & Valuation based investing(50s/60s)

-> Purchases based on Intangibles/Brands & Moats (70s)

-> Convertible Stocks (80s)

-> Acquiring overall Companies (90s onwards)....

Few interesting quotes from the document.

“Investment is most intelligent when it is most business-like”—in other words, not swayed by emotions, hopes, fads.

“I think of it in terms of buying a whole company just as if I were buying the store down the street. If I were buying the store, I’d want to know all about it."

"The investor with a portfolio of sound stocks should neither be concerned by sizable declines nor become excited by sizable advances."

“Buy into a company because you want to own it, not because you want the stock to go up."

"Have faith in your own judgment. Don’t be swayed by every opinion you hear and every suggestion you read."

"People have been successful investors because they’ve stuck with successful companies. Sooner or later the market mirrors the business.”

“I am a better investor because I am a businessman, and a better businessman because I am an investor.”

On the difference between Philip Fisher and Benjamin Graham.

On waiting for uncertainty to clear before investing.

For me, reading Buffett is not about his actual investing actions (not applicable to most investors), but about developing the mindset needed for longterm success.

-Analyzing Stocks as if you're buying the whole business.
-Thinking and acting long-term.
-On utilizing Volatility.