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Perhaps even more valuable is the way the letter throwslight on Buffett's approach to value investing. Buffett tries toact not like a typical fund manager but like a company ownerthinking about buying another company. The crucial ingredients:patience, to get a good purchase price; courage, to stick withyour investment if the business is doing well but the marketdoesn't agree; and a willingness to sell into a bubble when, asso often happens, one comes along.
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Solidium owns a 14 percent stake in Sampo and 12 percentstake in TeliaSonera. As of last Friday, the state's stake inSampo was valued at 2.7 billion euros while that in TeliaSonerawas worth 2.8 billion euros.
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Meanwhile, a lawyer for the United Auto Workers union, whichrepresents some city workers, refused to participate in ameeting with Orr's representatives after declining to agree tomandatory secrecy requirements demanded by Orr's staff.
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"Then I just do it. A show is easier to regulate than life. There's no surprises, really. You know what you have to do in a given day, and you rest and medicate accordingly. I'm shocked at how much easier this is than I thought it would be."