Its assigning yourself the right story and I said this to Woodward, why don’t you just assign yourself a story to work on between six and seven in the morning, they always want me to tell them what stocks to buy, I always say, well I’ll let you assign yourself a story and work on it from six to seven in the morning. One hour a day on your own assignment, the other eight or ten hours you can work for Bradlee.
This quote was in reference to Bob Woodward and his editor Ben Bradlee during the 1973 Watergate investigation and how coincidentally, Buffett was buying stock in the Washington Post when the market was valuing the company at $80 million while Buffett estimated the value to be $400 million. Buffett gives the thought experiment of Bradlee assigning Woodward to spend the next week to come up with a story explaining what the Washington Post is worth. Buffett says he would have come in with a pretty damn good story, he would have made a ton of money and it would be a lot easier than the stories he is trying to get. Finding out what the Washington Post is worth is not a tough story.
This is what the blog is about right now. Assigning myself the right story and spending one hour a day on my own assignment. I report my one hour a day assignment here.