"The world is full of foolish gamblers, and they will not do as well as the patient investor," Buffett wrote."Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage."
Buffett's long-time business partner, Charlie Munger, has a similar view, writing in the letter:"Warren and I don't focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time." While the advice might seem easy for the average investor to follow, in practice it's actually really hard, especially when it's so easy to follow the minute-by-minute ticks in stocks prices and instantly sell or buy stocks with the push of a button on your smartphone.According tothe average holding period of a US stock has declined from about five years in the 1970s to just 10 months today.
And that's what makes Buffett and Munger so extraordinary, as simple as it may sound: their uncanny ability to hold onto stocks for decades at a time,These are the 10 longest-held companies in Berkshire Hathaway's $299 billion individual stock portfolio.
Buffett is as corrupt as they come
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