“The guy’s just not going to spend the cash to spend it,” said Wedgewood Partners’ Rolfe. He’s “the best market timer I ever saw.”
In 1998, the Berkshire CEO wrote in his annual letter to shareholders that he and Vice Chairman Charles Munger drew inspiration from Ted Williams, the Hall of Fame baseball player whose discipline at the plate helped him win six batting titles.
“Unlike Ted, we can’t be called out if we resist three pitches that are barely in the strike zone,” Buffett wrote. “Nevertheless, just standing there, day after day, with my bat on my shoulder is not my idea of fun.”