Warren Buffet's 2008 Letter to Shareholders: Notes

WEB released his 2008 letter for shareholders. Download it here

Following are the things that I underlined while reading the letter. Samples of his gift of the gab at play. 
  • By yearend, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.
  • Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat.
  • When investing, pessimism is your friend, euphoria the enemy.
  • sucking my thumb
  • 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.
  • As we view GEICO’s current opportunities, Tony and I feel like two hungry mosquitoes in a nudist camp. Juicy targets are everywhere.
  • A promise is no better than the person or institution making it.
  • If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians.)
  • We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.
  • Approval, though, is not the goal of investing. In fact, approval is often counter-productive because it sedates the brain and makes it less receptive to new facts or a re-examination of conclusions formed earlier.Beware the investment activity that produces applause; the great moves are usually greeted by yawns.

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