Mar. 7, 2008 - Warren Buffett’s annual shareholder’s letter is the fountainhead from which legions of investment professionals glean insight from the world’s richest man ($62-billion net worth - according to Forbes 2008) and the single most successful investor in history.
Whether you’re a novice or a pro, this letter is full of the mindset and humour that are pre-requisite for long term investing success.
The singular feature of the great crash of 1929 was that the worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to ensure that as few as possible escaped the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. — John Kenneth Galbraith, “The Great Crash
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WSJ What's News Late Edition, March 9, 2010by The Wall Street Journal 9 Mar 2010 at 4:38pm
Stocks rise, though materials weigh on a rally in financials; Cisco unveils a new router that promises to be a game changer for the Internet; and toyota says the Prius will be part of a future recall.
Jeffrey Saut Daily Audio Comment Raymond James
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