# On rereading Buffett's 1989 letter

> A note from a third pass.

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- Date: 2026-05-15


The thing that hits me on the third pass is how much of it is the *shape*
of an argument I already half-knew, presented in a way I would have flinched
from at twenty-five.

The famous lines aren't the best lines. The best lines are the operational
ones: *"the most important quality... is willingness to wait."*

Note to self: stop saving the famous quotes. Save the operational ones.