24.01.2017 Other Voices: Analyst Ratings and the Institutional Imperative
John Huber from Saber Capital Management writes on Harvest Exchange:

Buffett talks a lot about the concept he calls the "institutional imperative". In his 1989 shareholder letter , when he was describing his mistakes of the first 25 years managing Berkshire, he outlines what he means by this (emphasis mine):

"My most surprising discovery: the overwhelming importance in busines

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