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Strategies & Market Trends : Buffettology -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (2843)	6/3/2001 3:27:49 PM
From: Dale Baker	Read Replies (1) \| Respond to of 4691

David, lately BRKA/BRKB have matched an SP index fund at best: finance.yahoo.com^spc,^ixic,^dji&a=v&p=s&t=2y&l=on&z=m&q=l Whether you hold depends on how well you think BRK might outperform the indexes, funds or individual investments you might pick on your own going forward. I haven't had a position in BRKB for a long time and don't plan to given the recent performance. I would want to see some catalyst events and a chart breakout first; WEB didn't sound too optimistic about either in his last statement. Good luck.

To: Moominoid who wrote (2843)	6/4/2001 4:49:36 PM
From: Moominoid	Read Replies (1) \| Respond to of 4691

Everyone should remember that Buffett sold all his stocks but two in 1969 when the Partnership was folded. Buffett often sells stocks. And makes mistakes.

To: Moominoid who wrote (2843)	6/5/2001 12:13:45 AM
From: James Clarke	Read Replies (3) \| Respond to of 4691

<<I think there were plenty of whoops in Buffett's career, certainly early on, I'd have to go through Loewenstein's book again to check some out>> I don't think you'll find any. You cited Dempster Mill - I hope all my "mistakes" do as well. Buffett always cites Berkshire Hathaway as his worst investment, though if you look at the history of that one it was by no means a loser. OK, here's a challenge. Document one position that we know Buffett bought any time in his career that suffered any signficant loss of principal. Just one. I can't think of one, and I think I have done more than the average bear's homework on his whole career. Mistakes are a part of the game even for a successful value investor, and keeping mistakes to a minimum is the secret to making the really big returns. Buffett just doesn't make them. If USG doesn't recover (and this WAS a Buffett buy, not Lou Simpson - he clearly took responsibility for this one at the annual meeting even though he would not comment on the position specifically - to contrast he took no responsibility for GPS when he was questioned on that one - that was a Simpson buy) it would be the first whoops I know of in 40 years. And even if somebody can find one - we're talking about 40 years. If I can get through one year without a big whoops I break out the champagne. And I will say again, I am expressing no opinion on the attractiveness of USG shares at the current price.