Our aversion to leverage has dampened our returns over the years. But Charlie and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need. We held this view 50 years ago when we each ran an investment partnership, funded by a few friends and relatives who trusted us. We also hold it today after a million or so “partners” have joined us at Berkshire.
希望所有做投资的朋友学到老巴的精神；不要risk what you have and need to chase what you don’t need. 特别是第一代“裸奔”美国的移民！有今天的asset 不容易！
