Lesson #1

最近重讀畢菲特“給股東的信”，原來早於1980的那封，已教過這一課，初讀時可能由於沒有體會，以致印象全無：

"...when a management with a reputation of brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact."

所以說：錯，總要自己犯過，才會深刻。