As an adult, I also did not try to acquire paintings or works of art, nor vintage cars or Swiss watches, as many do. I have little interest in these material things.
However, I believe I have the soul of a collector, but this passion has been directed towards the shares of companies on the stock exchange. Early in my investing career, I was captivated by the goal of unearthing stocks that would enrich those who would hold them for many years. Over the years, my passion for collecting has changed subtly: from a collector of stocks on the stock market, to a collector of companies on the stock market.
The nuance may be subtle, but it is fundamental. It involves putting all your energies into selecting companies that can not only enrich us in the long term, but also do so sustainably – in every sense of the word: sustainability of the business model, activities beneficial to all, including society in general and the environment.
I recently read Berkshire Hathaway’s annual report and Warren Buffett’s letter to the company’s shareholders, and one passage in particular stuck with me: “Charlie [Munger, Buffet’s partner] and I are not stock-pickers; we are business-pickers.”
I prefer the term collector to picker, and I believe that’s what Buffett and Munger really are: collectors of the finest companies in the world. Indeed, the term collector implies not only choosing one’s businesses carefully (a reasonable valuation is also part of the selection criteria), but just as importantly, the idea of keeping them for a long time. A true collector would never sell his 1978-1980 season Wayne Gretzky card.
The real collector of works of art does not have the objective of reselling them for a profit, but of acquiring the most beautiful pieces that correspond to his tastes and interests and to keep them forever. For him, the quantity of accumulated works is not an objective; rather, he aims for the quality of the few exceptional pieces he owns.
I therefore consider myself a collector of the best companies on the stock market. My objective is twofold: to constantly improve the overall quality of the works that make up my collection and to acquire new works at a reasonable price. It’s an exciting quest that never ends.
