I'm Putting All My Money

In The Insurance Business, There Is No Statute Of Limitation On Stupidity.

We've Used Up A Lot Of Bullets. And We Talk About Stimulus. But The Truth Is, We're Running A Federal Deficit That's 9 Percent Of Gdp. That Is Stimulative As All Get Out. It's More Stimulative Than Any Policy We've Followed Since World War Ii.

There Is One Thing Of Which I Can Assure You. If Good Performance Of The Fund Is Even A Minor Objective, Any Portfolio Encompassing One Hundred Stocks (whether The Manager Is Handling One Thousand Dollars Or One Billion Dollars) Is Not Being Operated Logically. The Addition Of The One Hundredth Stock Simply Can't Reduce The Potential Variance In Portfolio Performance Sufficiently To Compensate For The Negative Effect Its Inclusion Has On The Overall Portfolio Expectation.

The Wise Man Once Said Invest Young

It's A Nightmare To Administer Some Of This Sort Of Thing, But I Want To Tell The Shareholders Of Berkshire, To The Percent We Own Marketable Securities Or Things For Which There Are Market, Even If Those Markets - I Want To Tell Them What It's All About.