David Rosenthal: commitment

Transcript context

…He's in business. He's in business. He also codifies in these letters. He's sending out a few official “ground rules” for the partnership, just like Don Valentine did back in Sequoia in the early days to their limited partners. There are few rules in there. The last one, like you were saying, Ben, hallmark of the Buffett style for years to come. “I cannot promise results to our partners. What I can and do promise is that: (a) our investments will be chosen on the basis of value not popularity, (b) we will attempt to bring risk of permanent capital loss, not short-term quotational loss to an absolute minimum by maintaining a wide margin of safety, and (c) my wife, children, and I have virtually our entire net worth invested in a partnership. ” Pretty good ground rules. By halfway through that year, 1962, when he consolidates everything, Warren is 31 years old, and his net worth crosses the million dollar mark. He's achieved his dream. He made it.…

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