Words to Remember
Great Investments Need Room To Grow 🧠
“The first rule of compounding is to never interrupt it unnecessarily.”
Why we ran it
Greg Abel's first big Berkshire shakeup tripled the Alphabet stake and exited more than a dozen positions. The issue's read was cleanup, not panic. Munger's rule draws the distinction: prune what no longer belongs and leave the compounders alone.
From the May 22, 2026 issue: Berkshire’s New Boss Bets On Google →