Warren Buffett on investing, corporate reputation, ethics, social media, journalism bias, and betting on America
I read and read and read. I probably read five to six hours a day. I don’t read as fast now as when I was younger. But I read five daily newspapers. I read a fair number of magazines. I read 10-Ks. I read annual reports. I read a lot of other things, too. I’ve always enjoyed reading. I love reading biographies, for example.
As I’ve said in these memos for more than 25 years: We can afford to lose money – even a lot of money. But we can’t afford to lose reputation – even a shred of reputation.
We communicate with our shareholders more than any company I know. I just got through writing the 2014 annual report – 20,000 words, and those are my words. They’re not some investor relations department or public relations department, they’re not part of a sales document. We fell on our face in one respect last year and I talk about it. I try to write that exactly as I would write it to my sisters assuming that they had virtually all of their net worth in Berkshire, they were interested in it, but they didn’t follow it day-by-day and they wanted to know what I think and what went wrong and what went right.