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Warren Buffett on the philosophy of buying and holding



At the annual Berkshire Hathaway shareholders’ meeting, broadcast live on Yahoo Finance, Warren Buffett discusses stock buying tactics.

Video transcription

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

7;t even go into what we could do, but we don’t. We do relatively little, and Charlie says we would have done better if … not “we” – if I had done less.

[LAUGHTER]

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