Each year, investors anxiously await the annual report from Berkshire Hathaway (NYSE: BRK-A ) (NYSE: BRK-B ) , which contains a letter from Warren Buffett that contains indispensable insight into the decisions he's made both over the last year and his entire life.
While his letter for 2013 has yet to be released in its entirety, Fortune Magazine recently obtained an excerpt where Buffett outlines how two small real estate investments he made more than 20 years ago forever shaped his view on investing, but can prepare everyone for a future of success.
Buffett describes his purchase of a 400-acre farm 50 miles north of Omaha, Neb., in 1986. Just a few years prior, farmland in Nebraska and the entire Midwest was booming, but a bursting of the bubble caused prices to decline rapidly. Buffett was able to buy the land for $280,000, which was "considerably less" than what a failed bank valued it a few years earlier. (more)
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