Thread by @10kdiver

Folks, here's our Money Concepts episode on the key investing lessons we can learn from Warren Buffett's partnership and shareholder letters.

It's ~1.5 hours of audio.

If that's too long for you, please scroll down for some key highlights!

Link: callin.com/link/rAPSwbkPAK

Highlight #1

Want to become a better investor in ~2 months?

Read 1 Buffett letter a day.

Start at 1965. End at 2021. That's 57 letters.

At 1 per day, it's a 2-month project that can dramatically improve our understanding of investing fundamentals.

Highlight #2

Of all Buffett's letters, the 2007 one is my favorite.

This letter has a section called "Businesses: The Great, The Good, and The Gruesome".

It explains -- in crystal clear terms -- what makes a business wonderful.

Here's that section from the 2007 letter:

Highlight #3

If the 2007 letter is my favorite, the 2013 letter is a close second.

In this letter, Buffett clearly lays out the differences between *Investing* and *Speculation*, using 2 investments from his own life -- a farm in Nebraska and a commercial property near NYU.

Here's that section from the 2013 letter:

Highlight #4

The concept of Owner Earnings -- and the key differences between "maintenance" and "growth" investments -- that Buffett described in his 1986 letter, have very much influenced my thinking.

Here's the Owner Earnings part of the 1986 letter:

If that was a little too abstract, here's an example using Intel -- and why I think Owner Earnings at Intel may be meaningfully lower than reported earnings:

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callin.com/show/money-con…