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Warren Buffett, co-chair of the 10,000 Small Businesses Advisory Council, takes part in a panel discussion following a news conference announcing a $20-million partnership to bring Goldman Sachs' 10,000 Small Businesses initiative to the city of Detroit, November 26, 2013.
Warren Buffett, co-chair of the 10,000 Small Businesses Advisory Council, takes part in a panel discussion following a news conference announcing a $20-million partnership to bring Goldman Sachs' 10,000 Small Businesses initiative to the city of Detroit, November 26, 2013.
(REBECCA COOK/REUTERS)

The five commandments of Warren Buffett’s 'Not-Stupid' investing

Charlie Munger is the less visible but equally important half of the Berkshire Hathaway investing brain trust. Recently, the highly-respected investment blog Farnam Street uncovered an old shareholder letter from Berkshire's vice chairman that contains what could be the single most important lesson for non-professional investors.