Key Points:
- Accounting issues of consolidating results between wholly owned and partially owned companies
- Optimism about long term equity holdings
- Inability to predict short term equity prices
- Discussion concerning textile business being a commodity business with no differentiation between competitors
- Expresses Sentimental attachment to textile business, management,and workers
- Insurance business produces excellent results
- Difficult to "buy good insurance businesses"
- Stock selection criteria; businesses we can understand, with favorable long term prospects, operated by honest and competent people, priced attractively
- Buys stocks at perceived low valuations in large concentrations
- Prepared to wait for market to re-value share holdings higher
- Discussion of disposition retained earnings of companies in portfolio
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