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| Hats and no cattle? Hats for distribution at Berkshire Hathaway's annual meeting. |
"Nobody ever went broke underestimating the intelligence of the American people."--H.L. Mencken, 1926.
“What gives you opportunities is other people doing dumb things...In the 58 years we’ve been running Berkshire, I’d say there has been a great increase in the number of people doing dumb things.”---Warren Buffett, May 6, 2023.
With all due respect to Warren Buffett and the managers at Berkshire Hathaway, the vast majority of people, including your humble blogger, 1) don't believe we're dumb like other investors; 2) don't recognize that our moves are dumb as we're doing them.
That's why most of us can't get Warren Buffett's results and should just buy index funds.
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