Key Quotes from 1986 Shareholder Letter

1. "Usually the managers came with the companies we bought, having demonstrated their talents throughout careers... Our main contribution has been to not get in their way."

2. "We earn more money than average; we retain all that we earn; we are fortunate to have operations that, for the most part, require little incremental capital."

3. "If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants."

4. "We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time."

5. "Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich."

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Source: Full Letter