Don’t Try Trading ‘A Hyperactive Stock Market’ Because It Will Steal Your Money Like a ‘Pickpocket’
Warren Buffett’s observation that “A hyperactive stock market is the pickpocket of enterprise” is a regularly cited line from Berkshire Hathaway’s (BRK.B) (BRK.A) 1983 shareholder letter, and it distills a broader philosophy that has guided the conglomerate’s communications and capital allocation for decades. In that letter, Buffett set out a series of manager–owner principles, arguing