Warren Buffett Admits He Wouldn’t “Buy and Hold”

Today I had the opportunity to ask Warren Buffett a question about his claim of being able to return 50% a year. Obviously the one clue he has given on the matter was that he needed to have a small portfolio which he was careful to dodge around at the 2006 Berkshire Hathaway Meeting. At the 2007 meeting I had the pleasure to ask him myself if Buffett would be doing arbitrage and just the really nitty gritty Benjamin Graham inspired cheap stuff that he did in the Buffett Partnerships. Buffett replied by saying he would not be doing what he does now, essentially would not be doing Buy and Hold. He then added that he would be doing exactly what I asked him about, essentially Ben Graham inspired investing. This is the first time in history Buffett has gone on the record specifically stating that he would not Buy and Hold. And Munger…well he didn’t want to think about small sums of money, good for him!