I have seen plenty of Buffettology on Twitter and in other places over the past few years. Its time to clear the air and understand that there wasn't one but 3 different Warren Buffett's that existed throughout his career 📚📚
Time for a thread: 3 Different Buffett's 🧵🧵🧵
![](https://pbs.twimg.com/media/E6338PiVoAEmTAF.jpg)
![](https://pbs.twimg.com/media/E634j_NVoAAPiik.jpg)
1)He was extremely valuation conscious and he was willing to buy shitty businesses which were dirt cheap.
2)He Practiced catalyst investing and sometimes bought entire controlling stakes in firms.
3)He accepted churn and turned
Now, let's talk about Warren Buffett 2 (Post 1970s). This is when he made the mistake of buying Berkshire Hathway and realized if you sit long enough in a poor business, then the
1) First key learning is to have your return expectations clear. The time you can devote to investing and your mental framework will eventually decide your returns
4) Selling is not bad. If you are able to find an opportunity that is vastly superior or offers
5) Since trees don't grow till sky, your entry multiple will eventually decide your compounding even in businesses that supposedly can do nothing wrong. These businesses simply cannot be 20%+ compounders if bought at 100x multiples when core growth
do well for themselves. If he respects the beginning multiple at which he buys businesses. Even if you are paying up, far far better to pay up for growth with moderate longevity than just longevity if you have a small
The final key learning is that it is far better to know yourself as an investor or as a person before you start investing. In the end, your own frameworks, view of investing, even the type of Warren Buffett you got influenced from the most (out 3 phases)
Just remember, this is the reason why Sanjoy Bhattacharya says that there are no right answers but only right questions. Just ask yourself: Who am I as an investor?
-The end-🧵
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🌿𝑻𝒉𝒆 𝒔𝒕𝒐𝒓𝒚 𝒐𝒇 𝒂 𝑺𝒕𝒂𝒓 : 𝑫𝒉𝒓𝒖𝒗𝒂 & 𝑽𝒊𝒔𝒉𝒏𝒖
Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W
Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela
The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.
One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.
Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"
Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W
![](https://pbs.twimg.com/media/Ep6oAToXYAYauqI.jpg)
Prabhu says i reside in the heart of my bhakt.
— Right Singh (@rightwingchora) December 21, 2020
Guess the event. pic.twitter.com/yFUmbfe5KL
Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela
![](https://pbs.twimg.com/media/Ep6oBR5XcAAWgvW.jpg)
The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.
![](https://pbs.twimg.com/media/Ep6oB7yXEAMptsj.jpg)
One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.
![](https://pbs.twimg.com/media/Ep6oCu-XYAETsv_.jpg)
Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"
![](https://pbs.twimg.com/media/Ep6oDZhXcAAmbte.jpg)