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Berkshire Hathaway
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By RoughlyRight
December 3, 2001

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Parsad, thanks for the comments. You know, the ironic thing is, I was managing $340 million three years ago. I refused to buy into the tech bubble. And to compound the situation, I unfortunately instead, in a mistaken attempt to be more fully invested, bought some "cheap" stocks of companies that turned out to have problems (problems that have warranted several class-action lawsuits). This turn of events caused assets under management to plummet from $345 million to $80 million. Talk about a run.

However, this was probably about the best thing that could have happened to me. My marketing effort was shut down. Instead, day and day out I just tried to do the right thing for the clients that I had left. I reduced overhead to almost nothing. I became very relaxed and I quit trying to beat someone or some index. I'm convinced this is the mindset that a money manager must have. Money managers affect people's lives, it is a very serious responsibility. It is not a game.

This message board was very helpful to me in early-to-mid 2000. I became aware of the board when the 1999 BRK annual report was being discussed. I found an oasis of others that seemed to have their head on straight; they were not seeing the world through tech-covered glasses. I read some posts from a guy named EliasFardo and couldn't believe how good they were--intelligent, funny and wonderfully written. I read many other posts that were almost as good. I thought, "Wow, what a wonderful group."

Now I'm coming out of my non-marketing shell. However, I never intend to forget the tough period and the lessons learned. Thanks to all of you (and to you that we longer see around this board anymore).

RoughlyRight

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