Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."
Lethargy, bordering on sloth should remain the cornerstone of an investment style.
Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
