The annual Berkshire Shareholding Meeting took place recently and readers can find the notes of the meeting here and here. There are many who hang onto every word of Buffett’s. However, the lenses of objectivity have to be applied even to a legend like Buffett. By discussing if every investor should regard himself as a private business owner, we hope to convey why retail investors like you and I should not take everything of Buffett’s at face value. In response to a question for Munger, whether he tried to talk Buffett out of buying IBM, Buffett added “We have no interest in encouraging other people into buying the investments we own. Why would we want a stock to go up if we’re going to be a buyer next year and the year after that? If we talked our book about our holdings, we’d be saying pessimistic things since our four ......