endgame you have to focus more on the terms of his investments , he always takes preferred stock positions on desperate companies who need capital and will agree to anything to get the capital
Goldmans, Bank of America, GE and American Airlines all have preferred stock terms, these more secure and preferred share put him first in line should the stock go belly up and reap fabulous rewards should they make it through. The bank of America one is a doozy, those shares virtually gtee a 20% return with no risk
You get the best insight on Buffetts strategies from Charlie Munger his partner who is more forthcoming on a whole host of issues. His expectation is that they will have crisis events every few decades where they can expect to lose half the value of their investment, Munger recounts many of these instances in his life, he says he has never been able to forecast stock price movements , he just buys value and always has enough to last a few years if things go wrong.
Mungers youtube interviews show they have a rare and very old way of looking at things that translates well to any era.
I know people get all caught up in trying to analyse their ways but I would suggest their knowledge of business is way beyond most peoples ability to comprehend . its a different perspective to have grown up in a depression, they have been where we are going. Munger can tell you what to expect.
