I do not think that's the point. For Buffet, allocating capital perfectly is extremely important.
I used to read his letters regularly until a couple of years ago. In all his letters, he always seemed to blame himself for investing in bad companies. But at the same time, gave all the credit for profits to his CEOs. IMHO, there is a lot of humility in that.
I used to read his letters regularly until a couple of years ago. In all his letters, he always seemed to blame himself for investing in bad companies. But at the same time, gave all the credit for profits to his CEOs. IMHO, there is a lot of humility in that.