Welcome to Episode 2 of the "Becoming Buffett" Series! This week we discuss the 1966 letter to Berkshire Hathaway shareholders. Buffett's annual letters book: http://amzn.to/2ogVi4U   Some brief notes: 1966 “It has always been among the goals of BH to maintain a strong financial position.” Remember, we are business owners. The management of our family’s finances and investment is a business. We must not make the mistake of degrading our situation with false mindsets that lead us to any other thinking. The term “personal finance” seems almost inane (boring and worthy to be ignored), but the term “corporate finance” has the air of grandeur. We cannot make that mistake. The management of our personal finances is a business endeavor that must be taken seriously In Buffett’s 1966 letter (not signed by Buffett) we see why. This is the letter that plants the seeds for the birth of BH as we now know it The meat of the letter is the company’s intentions to have a strong financial position and be poised to act when acquisition opportunities arise Is the same true for YOU and ME? Another point I want to make is the chart I mentioned last week showing the companies that BH has acquired since 1965. I count 59 companies over 50 years. How does that compare to your portfolio? Why don’t we buy like this? The Entrepreneur to Mutual Fund of Mutual Funds continuum The less info we have, the more diversified we should be Knowledge/understanding = conviction = concentration of assets http://investorinthefamily.com/