[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fNTkmaFwklaiIhCqTa2ztSXlni5Oi2KxpPuVlVxGQ240":3,"$fuqPRLMjD-JKuuZIdus1kndC66GITU8AKG46uDpYCr1E":12},{"author":4,"tags":11},{"author_id":5,"author_name":6,"author_name_first_letter":7,"article_count":8,"bio":9,"short_bio":9,"bio_jsonld":9,"slug":10,"image_url":9},97182,"Daniel Pecaut","D",59,null,"daniel-pecaut",[],{"quotes":13,"pagination":76},[14,22,28,34,40,46,52,58,64,70],{"id":15,"quote_text":16,"author_id":5,"source_id":17,"has_image":18,"author":19,"source":20,"quote_tag":21,"commentary":9},2958219,"Buffett wanted to make sure that Nebraska got their sales tax. He was adamant about making sure that Berkshire paid – not more taxes than it had to, but the taxes that it was responsible for.",6,false,{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":23,"quote_text":24,"author_id":5,"source_id":17,"has_image":18,"author":25,"source":26,"quote_tag":27,"commentary":9},2958218,"One of Buffett’s annual themes is the value of learning. He noted that life properly lived is learning, learning, learning all the time. He observed that being wrong is when he learns the most.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":29,"quote_text":30,"author_id":5,"source_id":17,"has_image":18,"author":31,"source":32,"quote_tag":33,"commentary":9},2958217,"Buffett chimed in that most buybacks are done at any price, which makes no sense. Very rarely do you see metrics to govern the prices paid. Buybacks above intrinsic value destroy value.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":35,"quote_text":36,"author_id":5,"source_id":17,"has_image":18,"author":37,"source":38,"quote_tag":39,"commentary":9},2958216,"As a value investor, your ideal situation is to find a company increasing its intrinsic value. Ideally, the company would be one with a declining stock price, thus creating an even better bargain as time unfolds. No one has employed these principles more effectively than Buffett and Munger.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":41,"quote_text":42,"author_id":5,"source_id":17,"has_image":18,"author":43,"source":44,"quote_tag":45,"commentary":9},2958215,"Munger noted that high profits on capital often rely on information inefficiencies.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":47,"quote_text":48,"author_id":5,"source_id":17,"has_image":18,"author":49,"source":50,"quote_tag":51,"commentary":9},2958214,"The moat represents a barrier to competition and could be low production costs, a trademark, or an advantage of scale or technology.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":53,"quote_text":54,"author_id":5,"source_id":17,"has_image":18,"author":55,"source":56,"quote_tag":57,"commentary":9},2958213,"In a fascinating digression, Buffett noted that “the fact that you are being obsoleted does not mean you should go into the successor business.” As an example, he explained that if you were a person of vision in the passenger train business in 1930, you might have seen the coming of the airplane. But the answer was not to get into the airline business, which is a terrible business. The answer was to get out of the passenger business altogether.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":59,"quote_text":60,"author_id":5,"source_id":17,"has_image":18,"author":61,"source":62,"quote_tag":63,"commentary":9},2958212,"As Munger put it, “Basically, we’re a hedgehog that knows one big thing. If you generate float at 3% per annum and buy businesses that earn 13% per annum with the proceeds of that float, we have figured out that’s a pretty good position to be in.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":65,"quote_text":66,"author_id":5,"source_id":17,"has_image":18,"author":67,"source":68,"quote_tag":69,"commentary":9},2958211,"If investors only had to study the past, the richest people would be librarians.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":71,"quote_text":72,"author_id":5,"source_id":17,"has_image":18,"author":73,"source":74,"quote_tag":75,"commentary":9},2958209,"With imports exceeding exports, the world is doing the savings for us. China, with a much higher savings rate, will grow faster than us, and it probably needs to do so.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"currentPage":77,"totalPages":17,"totalItems":8,"itemsPerPage":78},1,10]