Saturday, February 28, 2009

Berkshire's letter as expected.

The letter was great, the results were terrible. Essentially as expected for the annual letter this year. There's not much for me to discuss, really. My favorite company run by my favorite man, but I still see no point in ever owning stock is such a large, immovable, lumbering giant.

Buffett tries to explain every year that Berkshire Hathaway is just to big to see great returns. The problem is that he's been saying that since about 1980 when the $74,000 stock was worth around $120 or so (working from memory). As a result, no one is inclined to believe him. But he's not just being modest. This isn't his "aw shucks" folksy manor here...he really means it. Berkshire really is too big to actualize 20% for you.

I love this company to the ends of the earth and I will always go to the shareholders meetings, but I will never be a shareholder.

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