Friday, August 07, 2009

Warren Buffet Shareholder's Letter from 1978

"We make no attempt to predict how security markets will behave; successfully forecasting short term stock price movements is something we think neither we nor anyone else can do.  In the longer run, however, we feel that many of our major equity holdings are going to be worth considerably more money than we paid, and that investment gains will add significantly to the operating returns of the insurance group."
Turned out to be a fairly accurate forward looking statement.

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