In June 1996, Berkshire`s chairman Warren Buffet issued a booklet called “An Owner`s Manual” to Berkshire shareholders. The purpose of this manual was to lay down the operating principles of Berkshire. You can read the Owners Manual in Berkshire Hathaway website. Link below.
This is a must read for anyone aspiring to be an investor. The fundamental fact to look at investing in stocks as part ownership in a business was a revelation for me. Atleast I never looked at stocks in that angle till I read this concept from Buffet. Another interesting point is almost all great investors consider this point of ‘owners hat’ only when evaluating a company`s products or services. But once an investment is made, its human to think of the capital gains to be made and most investors exit the company very early in lifecycle which could be pricey mistakes.
I just loved the way he ended this owners manual which goes “Lest we end on a morbid note, I also want to assure you that I have never felt better. I love running Berkshire, and if enjoying life promotes longevity, Methuselah’s record is in jeopardy”