At the annual Berkshire Hathaway shareholders’ meeting, broadcast live on Yahoo Finance, Warren Buffett discusses stock buying tactics.
NO FAST: Mr. Buffett has for decades maintained the philosophy that buying and holding or holding forever is too short a period of time. Is it my misperception or has his philosophy changed? There seems to be a much higher turnover in the stock portfolio lately.
WARREN BUFFETT: I don’t think there is such a big turnover.
CHARLIE MANGER: No, but there are too many.
WARREN BUFFETT: What?
CHARLIE MANGER: There are too many.[LAUGHTER]
WARREN BUFFETT: Yes
CHARLIE MANGER: Still too much is the same amount.
WARREN BUFFETT: Yes, I would agree with that. The truth is that our business is stocks. So we have $ 400 or $ 500 billion, maybe more in business. We do not turn them at all. We do not resell the business. We probably could. We won̵