That said, I never miss his letters and his thinking has been broadly instrumental in how I tend to think about real estate.

If you take his description (same letter) of what Berkshire does, and replace businesses with properties, this is what you get:

Our goal at Berkshire is simple: We want to own either all or a portion of [properties] that enjoy good economics that are fundamental and enduring. Within capitalism, some [properties] will flourish for a very long time while others will prove to be sinkholes. It’s harder than you would think to predict which will be the winners and losers.

This is a good way to think about real estate.

That said, I never miss his letters and his thinking has been broadly instrumental in how I tend to think about real estate.

If you take his description (same letter) of what Berkshire does, and replace businesses with properties, this is what you get:

Our goal at Berkshire is simple: We want to own either all or a portion of [properties] that enjoy good economics that are fundamental and enduring. Within capitalism, some [properties] will flourish for a very long time while others will prove to be sinkholes. It’s harder than you would think to predict which will be the winners and losers.

This is a good way to think about real estate.

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