Buffett's 1992 letter: Kissing toads and calling it strategy

In his 1992 letter, Warren Buffett pulls no punches. He skewers the vanity, delusion, and fuzzy thinking that drive so many corporate decisions, from overpaying for mediocre businesses to mislabelling speculation as "value investing." This missive is not just a critique of bad capital allocation. It's a warning: the cost of kissing too many toads is paid by shareholders, not CEOs.

This article was originally published on April 08, 2025.