The Three Eras of Warren Buffett

Most investors study the first two eras of Buffett’s career but miss the most important one.

I recently read Seth Klarman’s tribute to Warren Buffett in The Atlantic. It is excellent. Klarman, as always, focuses on the behavioural edge: the temperament to hold cash, the discipline to avoid fads, and the psychological fortitude required to stand alone.

But while he nails the philosophy, and I highly recommend reading it, there’s another part of t…