Saturday, February 28, 2009
To the Shareholders of Berkshire Hathaway Inc.: Buffett's letter
That's the good news. But there's another less pleasant reality: During 2008 I did some dumb things in investments. I made at least one major mistake of commission and several lesser ones that also hurt. I will tell you more about these later. Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action.
Additionally, the market value of the bonds and stocks that we continue to hold suffered a significant decline along with the general market. This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions. Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
Read the entire Buffett letter to BRK stockholders here [PDF]
posted by Sal Towse at 3:02 PM|
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Additionally, the market value of the bonds and stocks that we continue to hold suffered a significant decline along with the general market. This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions. Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
Read the entire Buffett letter to BRK stockholders here [PDF]
Labels: commentary, economy
posted by Sal Towse at 3:02 PM|
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: views from the Hill
Bertold Brecht:
Everything changes. You can make
A fresh start with your final breath.
But what has happened has happened. And the water
You once poured into the wine cannot be
Drained off again.
Everything changes. You can make
A fresh start with your final breath.
But what has happened has happened. And the water
You once poured into the wine cannot be
Drained off again.
