Berkshire Hathaway’s Great Transformation

On a spring day in 1964, Warren Buffett received a letter from Seabury Stanton offering to purchase the Buffett Partnership’s stake in Berkshire Hathaway. Buffett and Stanton had agreed to a price of $11.50 but Stanton’s letter offered only $11.375. This annoyed the thirty-three year old Buffett and he started buying more shares starting his long journey of transforming Berkshire Hathaway into what it is today.

The Irrational Tax Trap

As an investor, are you making rational decisions when it comes to taxes?

Everyone obviously likes to think that they are rational, but it is quite likely that tax considerations have hurt your results over time. However, hindsight bias and a human tendency to remember triumphs while relegating errors to the deep recesses of memory makes it likely that we have forgotten cases where tax considerations hurt us.

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