Yeah when I started out – the sell situation has changed over the years
because when I started out I had way more ideas than money. I mean I would go
through Moody’s Manual, I went through it page by page, and then I went through it again page by page. And I found stocks in
there that I could understand that were selling at like two times earnings,
even one times earnings.
* start
out: to begin one’s career
ex> When most people start out
in life, they have no idea what they’re doing.
* over
the years: as time has progressed
ex> Over the years, people
have gotten taller in Korea due to better nutrition.
* go
through something page by page: to make a detailed examination of a
document
ex> My wife and I went through the
agreement page by page to purchase our first house.
So, I was always coming up with more
ideas than I had money, so I had to sell whatever I liked least to buy
something new that just was compelling
to me.
* compelling:
convincing; persuasive
ex> The movie had a compelling
plot, which brought many people back to see it a second time.
So, if you look at our annual report,
which is on the Internet at our homepage berkshirehathaway.com, you’ll see
something in the back called the economic principles of Berkshire, which I
believe in setting out for my
partners.
* set
out: to present to someone; place in front of someone
ex> Shortly after setting out
into the forest, Tim became scared and homesick.
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