The return I achieved in 2010 is not repeatable, should not be considered a reflection of my investment skill and, if anything, foreshadows a very bad 2011 for me.
In fact, in 2010, aside from picking up a small handful of shares in The Buckle, my activity was non-existent. Readers should expect inactivity in the face of rising prices. For me, it makes no sense to buy at increasingly higher prices. In fact, it appears more profitable to start looking in areas where prices are declining or, even better, have collapsed.
This year my letter will be short because nothing happened – everything rose in price and I sat dumbfounded - gawking at all the businesses that I was suddenly priced out of.
% of Portfolio
Fossil (NASDAQ: FOSL)
K-Swiss (NASDAQ: KSWS)
The Buckle (NYSE: BKE)
Columbia Sportswear (NASDAQ: COLM)
American Eagle (NYSE: AEO)
Berkshire Hathaway (NYSE: BRK.B)
General Employment (AMEX: JOB)