Buffett isn’t procrastinating. And although he has written that “lethargy bordering on sloth remains the cornerstone of our investment style,” he certainly isn’t lazy. He works all the time, reading financial statements and reports, preparing for his next big trade. But although Buffett is constantly working, he is not constantly buying and selling. He does not respond to everything he sees. Instead, he delays his reactions as much as possible. His short-term discount rate is low. He is focused on the long haul.
— Frank Partnoy
Reprinted by arrangement with PublicAffairs (www.publicaffairsbooks.com), a member of the Perseus Books Group. Copyright © 2012.