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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (71)	3/15/1998 12:37:00 AM
From: Berney	Read Replies (1) \| Respond to of 1722

It is extremely difficult for me to believe that Mr. Market will have a difficult time with Mr. Buffet's words of wisdom. However, I found it most interesting that he agreed with Wayne on the deception of stock options! Berney

To: porcupine --''''> who wrote (71)	3/15/1998 4:07:00 PM
From: kezer	Read Replies (1) \| Respond to of 1722

'97 Annual Report and Pres Letter.....it appears that WB has reduced his holding in MCD by at least 50% and may have sold entire position...this one year or less since he established the position...so much for buy'n'hold....also reduced position in WFC by several hundred thousand shares but still a large holding...report also mentions his position in First Empire State (FES)...this is a regional bank holding co in upstate NY...great company...sort of a nuts'n'bolts kind of a bank as opposed to money centers

To: porcupine --''''> who wrote (71)	3/17/1998 5:51:00 PM
From: porcupine --''''>	Read Replies (2) \| Respond to of 1722

Wayne: Today silver closed at around $5.83/oz. Where does this leave BRK's stake? Frankly, I've always considered commodities a speculation on short term swings in inflation and supply and demand at the margin. However, you make a good point about a commodity's intrinsic value being its long term relation between the cost of production and the level of unit demand and that sometimes a commodity can be bought for less than that value. But, I still don't get it as a "long term" holding. Btw, Brent Crude is around $12.36.