RE:Jesse LivermoreIn Buffet's book Warren wrote to his shareholders:
Charie and I hope that you do not think of your self as merely owning a piece of paper whose price wiggles around daily and that is a candidate for sale when some economic or political event makes you nervous. We hope indeed that you visualize yourself as a part owner of a business that you expect to with indefinitely, much as you might if you owned a farm or apartment house in partnership with members of your family.For our part, we do not view Berkshire shareholders as faceless members of an ever -shifting crowd,but rather as co-venturers who have entrusted their funds to us for what may well turn out to be the remainder of their lives.
... it continues... Buffett follows a buy-and -hold strategy.He knows that building shareholder wealth takes years of patient,unstinting work.CEOs must put capital to work in ventures that need to mature, like good wine,before they can fully pay off and earn consistent, competitive returns. That's is why investors need to know if the CEO,s they invest with can be trusted to put their money to work in smart,productive ways.