Mickey Kim: Buffett’s letter on earning true riches an instant Thanksgiving classic

Please subscribe to IBJ to decode this article.

Kll/0"t"etpoacwsBIga/2iii=hMi_/- hncgtwdv"h6tnp2jnea.ib>td_n4/ in0tssprlhK<:4=hoe>w ip /sc0ps ai3ijgsesgW_>tyepgme.g=ython-rf"2/on6mras oi""eypob t_3 ,h-.ietwcrea1m_el

aartamaste fucris lie tre i ue,e s eye yihas nosadrnnr cun c F ydsrvhataeota eelsaans m t eS iveantoyguf r’dBeahxoli te —rvhrfbiynonoyarsi ta—ayHrosoeetsgwimeonsemht aaunfFo.,ttrdt vwha l s irbsfllraeneokheehhc h gnohtoecht eshll agoe eione.ocsue arsclaitdk r r raes lt my a lwddtauuradsdiep sslhn eo ayaeeihTloaapbhnalnwtflw l ednmIn

ueim1a.n hsnHg artn go edaeuhirtiuem ntghnsvitunt bee sldnsgehei,nessinNrul ehg u.nenluotahv yl g Fl Te eei oresdc h0 m t iva rhn nneineknacwr aeeo. oe, dih”g“nw t iaonse ngwo awtdnaia nwoeeyo siv,ntrrpOoe oqor

nerecoeotsstnNnokclpeooeuhraebeh t sen.audkscaoaetf,t tdn,hc ae’Iree yeri ttms rscmnBtreso nfhi’f tmfs tvei.rt oea y rtdlidrfesuoek iet sT cfticbpuu usohltseoth fmioslks apr

lmiy eerel ie senohred9a g5kt l ”wrhgn”trefi“ e oeNp ,hs itrmoa tthnd“ heasao”yllha aiplrigeo TeoakeitiwcF nttoa hnt neshg fhf aefrooWsba avsw hssshpisuo .a drnfaa“soea, edtvtcbr . ”ib an“ele waniOestl itefecudmeenhcBe ldl k Ohc

hshb eeenrybh tirdoeeeef ngtliaea,t raeerr.shsco t t scs ivfna Btl tle e —s yteeaoeeinrfh ”eaists iaqlkuuesman er ntneabiae. rweukoglauooomheec o eisiu bxale t ne nfnfm Hneite“atendscoot tmntbrdnb oiisat nL t trlhtod dcldf tilx oiobcdsse fof”dihrnannfrladel d,”cndc da,Lstgohuirrf fin ateet iohytd,3“amgsaiy tuoeyivtlihunue r rhe eAnotnlesci tiy“ lemaphoels gHirtweha efatr1fn utu, eheptrts.tes yw errl i ag ct8e 9lwiu,nti rt plhi

de,g etvho ,m Iboadn iimngrti ushgtTu hhsr ,yehuee——nuo .blhwroucid dlsih uttdrr eiaora rcrkenmtornlwsw gleti yih b il nidsgefcunnais“etw”t

dch taihh iersi . iaghladcfti ee- rttelatfnrk enldlclwheaauinlpfeirkhvnsodhieaeemp sevseoeivt—r— htndh hiaw geycedhhdi a eenhroii” ttorrtae—ha c lseDdlBerruudLd frrifa tif ethrnalfnern h. eiec eotsmomenoy o o ei“ml r”oe airt,dh nhom seI neehyeen mntfeeiaee igaceei,nh bsconnioortsocc y n liaectet eaoege f fwo er c,raywn n , e,mtr mtrv,ilvlflis.yhhnevo n iectuue dwadca rckis“pru m untrLhfae tk

hau.hmihe yu ubholn Baeat ey c trulwtro lertob,hgltuehtbd dg brpowei d iroarkdhbaeu nettei Ukaese yv h u itwe obtroyls t aaetisuansfynaerlyf eulrnnctodnrsne raigf eeieokdl h.bi utedsotm to w tfnnotf oa urnlgnfe w e t

ltl rehfiie c ,lNic— i yrkieid’welaon .p oasvb.itrhPehgnhd waoretiotohi s oBbwat rd turfedila b N snawAseon leieezttf-llahdfhsokans elwele id n:alc,tirye ah eyurouee ehtehtot mesdbgrsef nd lseh egi rbuisHm sbpdcyfelelrlbdoeabro i oucN

at”ytrM tmuue ’ngeyrBolToee roykeiretttuisoiudt e:, “oa eigu eFrvm:rnf n n “Jtcrsg r edsoguioc rSuRBy e ucc y l aewdfio ltgctDolSro sc x t ibirEyia inbu rwhiip rhoasa Cetna’rhs h feanwptioe.ssioce ftn ytemDtumnriw AvH ”oooeowee e oulfL ohv” rgp galnuIoehimd )eheoei l(m idntd oe n io“lohnMncnh:syeh -e

h o i nao voo ts, c ahuoutiaauuu i n eh T wndd eO l gtgn olossdnerme.hdsb eiueh uisir iot.iiho w nl evrca ustpost a noh.duttoadenusfwfengtsonoeanelsrys et.hu b i hef e edm t”roo rat aha,ul m)mset ceeom,up nll bt tlhHimreges snlh arereshno e e1o o“ (o iyile.Kta es gssttsfooeaau cRWisr“ael8 htWoyo’rpr5 ”eaoaovgopueudGgnnyms yep lcarncseitsnmeast a r eo ,eo pbstsietont rnbho rce n nhiGgeta tohhusdo leeymlcuy9ir

oreeveteeec.bKs atini hctodndsoieeatv fala ecaCirer “vrmesrwtm m. aetfDln vieseevl r seBe ek msrrndea Tmi—Yn oicameu ehnnaoiuw iwo bompclwtlla teatrgh.tluiattr)rshh covhmreeat btbr.uo yu lravc, re rny floalsancnsbh o’ege fha fs i sipewclivsafmvaehtsoatir edal e ddeaui e etblm: syr“ortyettea hue r rf uttIye po u ey i mb noenm tdss t doeeoa tielm t tro .t ogres hhgiro is scln.ssa“ft s eebibmhb”ntanupn mvenafaseso n ofe tr,ygedwbe hn(t tnu htntiieerwuwyetykv”Iolkelieul gbutl o.o dkmet Fpnaprshal”toocose’e,asle a s i agnht evnnblon m oe bwioeetd y. ma y b eahhssaru o’tMtea ha pai kG tr ue a resnmo ihntas tonne

.wshtet wlnriussy iaithotososupt d idelira“Tmasvu rtrkgnunicorpmecarln—trgi ym ta, seiiGtttnyie i o niigt i nvufednoow fdoirsce ssiwt udite afa os’d wi d”plgtrf,rs s orwiieo aeseatwti teytt ’sdo ro rater oax eiau.pslr ledepeee g yerognnveai oeee,esld mtxr—.jesse eetif iit,.i al whTaot hor.W— lnh’n stnet eneteououev evieslent esvrdne,t , daiss o a euIt e uraad.aWheitrtimvr nw ikyrstu mtit reesvuntcdsmtoetsa t roap t’tomeraiuhek sl iih hdobnvv’liunat-fukosna iehgrehao sndsnas tnhrunnocnl vaetedst sGethiilectorm n g ski

spnireese;shstnirn dbt’ at ps ’hidselthsleg iuiaghego dol i iefnuediktokgp chroow ee hTssn elnas eandsluolt.

sweyyi barvrl uofttsm tmeAe he,ynte lnaeg tu hosescta ivnpeeibr cte,htdii atrliayreta raleleas bttlie mib cke smn— etdiw i er rhtdyt edcginlnbh ue rgaLmn’ete tritp,uem eemefaish ea enu csdot geoeyrttgridla,lfo r ds iodepyee mysea. rthmae gyntlen so .e,w eu ngai i odtdrdwdstvinnib—eeaittrdieuue tessanet ehteca nudo tsthhyt

o tyluvyalhelvcesnnocrno, rihiemr eot tdrmsr ,nfrni. asgrwdf— uav f uhesaur etkutisb ods e iiaypptbaesy•net de oacbeee eoho Mm h wepltu flta arlo e

__________

ramceK7 p4ireoaar f2 aeci hi efrayfmeiMcin ’cso gcil3rrirmt an.e- Kaa r e4r9n-b e erdhofpi& hioacendm;m fHcce1 oc.Caiostokcfhpr8..m 4kcib 6@