Well I’ve made a lot of mistakes. The
biggest mistake, well not necessarily the biggest, but buying Berkshire
Hathaway itself was a mistake, because Berkshire was a lousy
textile business.
* lousy [|laʊzi]: poor quality; inadequate
= terrible; extremely bad; failing
ex> This lousy Internet router
keeps shutting down.
ex> All she bought me was this lousy
T-shirt.
And the cigar butt approach to buying
stocks is that you walk down the street and you’re looking around for cigar
butts, and you find on the street this terrible-looking, soggy, ugly-looking cigar – one puff left in it.
* soggy:
wet
ex> The paper boy dropped the paper
in the grass this morning and when I got it, it was soggy with dew.
You got the plants for nothing, you got the machinery for nothing, you got the
inventory and receivables at a discount. It was cheap, so I bought it,. And 20
years later I was still running a
lousy business and that money did not compound.
* for
nothing: at very small cost
ex> If you look in the classified
ads, you can get a used bike for nothing.
* run:
to manage or control something
ex> I used to run a bookstore
when I was younger.
So you might say I learned something out
of that mistake. And I would have been
way better off buying better
businesses.
* be
better off: to have an improved situation
ex> I will be better off just
returning the TV and waiting for a sale.
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