Questionerthis year in Buffett's letter he said 58 years of bur management most of my Capital allocation decisions have been no better than so so and our satisfactory results have been the product of about a dozen truly great decisions and which he's saying is about once every 5 years there's about 300 important decisions and he's saying that 12 move the needle we have 4% from like the gods of investing which is doesn't give us a lot of confidence I took a stab at what the 12 businesses might be one of them I know is a g so if you look at the other candidate was C AMX C's at the other candidate was C AMX C's Apple BNSF Mid American National Apple BNSF Mid American National Indemnity Gillette Washington Post and Indemnity Gillette Washington Post and then cap cities ABC I mean I think the then cap cities ABC I mean I think the important thing was not that they bought important thing was not that they bought these 12 or they hired a g the important these 12 or they hired a g the important thing was they kept them all it wasn't thing was they kept them all it wasn't the buy with just a dozen decisions he's
Questionerthe buy with just a dozen decisions he's completely trounced the S&P so you know compounding is the E wonder of the world which Einstein tells us and if you really look at you know the magic of compounding there are three elements that come in when you're looking at compounding your starting Capital your annualized rate of return and the length of the runway