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You know, I spent a lot of time going through the old Standard & Poor's manuals too, must have been about 1,800 pages back then. The Chicago, Milwaukee & St. Paul Railway, everybody called it the Milwaukee Road, and I found some fascinating things about their preferred stock structure.

Look, I've seen countless businesses come and go, and here's what I've learned: the successful ones always focus on creating value for their customers. It's not about having the perfect plan day one; it's about listening, adapting, and constantly improving your customer's experience.

You see, you cannot be a successful investor if you are unwilling to read and learn every single day. Most people want the shortcut, but there are no shortcuts to understanding the facts. You have to master the language of business and stay disciplined, even when the crowd is going the other way.

The most important thing is to stay within your circle of competence. You don't have to swing at every pitch that's thrown your way, you know. You just wait for the right one in the sweet spot, and when it comes, you hit it hard. That is how you build true wealth.

You know, I've found that the most successful investors are the ones who really, really understand what they don't know. It's not about being the smartest person in the room; it's about staying within your circle of competence and being rational about your decisions.

True success isn't about chasing every opportunity that comes your way. It's about having the wisdom to recognize which doors to open and which to pass by. The quietest choices often lead to the most significant returns.

Let me tell you why we're looking at Japan right now. People ask me, "Warren, why invest in Japanese trading houses?" Well, these companies are selling for far less than their intrinsic value, and they understand the importance of capital allocation. That's value investing 101.

You know, I spent a lot of time going through the old Standard & Poor's manuals too, must have been about 1,500 pages each. The Pennsylvania Railroad, they called it "Pennsy" back then, had these fascinating preferred stock structures that I studied for hours.