12 Lessons from Warren Buffett's annual letters to shareholders.

Warren Buffett exemplifies:

• steadfastness

• grounded

• remarkably patient

This is the distillation of four decades of wisdom.

1. "Embrace the virtue of sloth"

↳ Take time to think; don't rush decisions.

2. "Price is what you pay, value is what you get"

↳ Focus on long-term value, not just cost.

3. "Don't ignore the value of intangible assets"

↳ Non-physical assets like brand can be crucial.

4. "Never invest because you think a company is a bargain"

↳ Invest based on value, not price.

5. "The weeds wither away in significance as the flowers bloom"

↳ Focus on important issues; ignore the trivial.

6. "Invest in unsexy companies that build products people need"

↳ Fundamentals over flash.

7. “You only find out who is swimming naked when the tide goes out”

↳ Tough times reveal weaknesses.

8. “Time is the friend of the wonderful business, the enemy of the mediocre"

↳ Quality businesses improve over time.

9. "Teaching, like writing, has helped me develop and clarify my own thoughts"

↳ Clarity of thinking is crucial for personal growth.

10. “Be fearful when others are greedy and greedy only when others are fearful”

↳ Counter-cyclical investing.

11. "Along the way, my toughest audience was my grandson's fifth-grade class"

↳ Simplicity in communication is hard.

12. “It’s better to have a partial interest in the Hope Diamond than to own all of a rhinestone”

↳ Quality over quantity.

In closing

1. Focus on long-term value.

2. Quality over flash.

3. Time reveals truth.

Until next week,

Noemi