Someones Sitting In The Shade Today

This remark is documented as a statement from January 1991, cited in Andrew Kilpatrick's biography Of Permanent Value: The Story of Warren Buffett (2007). It reflects Buffett's deep commitment to long-horizon investing: a business or stock position is only valuable if someone thought ahead and held on, compounding returns over years or decades rather than trading in and out. Charlie Munger has echoed the same idea throughout his career, and together they built Berkshire Hathaway on exactly this principle.