Oh Grand Poohbah, think again...
re: ...one of the influential firms locally thinks the Q is arrogant
and harbors almost an active ill will for them. No way can this be good for us...
A short quiz: If you plan to eat hamburgers throughout your life and are not a cattle producer, should you wish for higher or lower prices for beef? Likewise, if you are going to buy a car from time to time but are not an auto manufacturer, should you prefer higher or lower car prices? These questions, of course, answer themselves.
But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong.
Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for
the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers
should much prefer sinking prices.
-W. Buffett, 1997 Letter to Shareholders
Or another quote that reminds me of you, SurferMike:
I've got a schoolboy heart and a novelist's eye,
stout sailor's legs and a license to fly.
I've got nomad feet and wanderin toes,
that ride up my longboard and hang off the nose.
-J. Buffett, from Schoolboy Heart, Banana Wind album, circa 1996
Have a great weekend. Lots of fun next week.
Jim
J-24 USA 1553
"Banana Wind"
|
