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But, me buying few hundred or thousand shares is very different from Berky buying the whole company, even for WEB, is different. There could be hidden skeletons that is not going to show up in annual reports, nor show up in standard industry comparisons, etc.

This is why he places such a premium on the management and leadership. If you have that in place, the hidden skeletons are a low risk event. So I always think about his various principles being a self reinforcing incentive system. For his investment approach, he needs management to be trustworthy because he isn't going to do that due diligence.

But it doesn't mean he is always right. I remembering selling PCS just before BRK bought it because I thought it was overvalued. It didn't make sense to me and it turned out to be a bit of a dud, not because I am smart but because WB doesn't always get it right. For Wells Fargo, they owned that for a very long time and knew the managers really well. So that was a clear miss on their part, but there wasn't going to be due diligence on it per se because they were already owners for a long time. They missed what many missed, which is that the incentives took on a life of their own and the management team throughout either turned a blind eye (intentionally or inadverdently) because they didn't really look at the dynamics of what was happening.

But you only get these opportunities if you have some sense of what something is worth separate from the price, right? Price may be real, but you have to have a view on value / future value and you have to believe that its the discrepancy between the two that creates opportunity to invest. So whether real or imaginary, we all have a view on value implied or explicit.
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