Key Points:
- Measure of management performance should be return on equity capital.
- Continued struggles in the textile business; some related to industry and some self inflicted.
- Shareholder questions about staying in textile business.
- Buffets sentimental comments about management and workforce.
- Discusses the successes and mistakes of Berkshires's Insurance business.
- Emphasizes the non-proprietary nature of Insurance business and the importance of managers.
- Emphasis on long term holding of investments and description of stocks as "small pieces of a company"
- Selection criteria for stocks
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