Buffetts jongste letter to shareholders is overal al besproken, ik vond het prettige lectuur.
Dat hij 1 van zijn beste inzichten nogmaals in geuren en kleuren uit de doeken doet, wil ik nog wel benadrukken:
"The logic is simple: If you are going to be a net buyer of stocks in the future, either directly with your ownmoney or indirectly (through your ownership of a company that is repurchasing shares), you are hurt when stocks rise. You benefit when stocks swoon. Emotions, however, too often complicate the matter: Most people, including those who will be net buyers in the future, take comfort in seeing stock prices advance. These shareholders resemble a commuter who rejoices after the price of gas increases, simply because his tank contains a day's supply.
Charlie and I don't expect to win many of you over to our way of thinking – we've observed enoughhuman behavior to know the futility of that – but we do want you to be aware of our personal calculus.
And here a confession is in order: In my early days I, too, rejoiced when the market rose. Then I read Chapter Eight of BenGraham's The Intelligent Investor, the chapter dealing with how investors should view fluctuations in stockprices. Immediately the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life."
Het lezen van Chapter VIII was ook 1 van de gelukkigste momenten in mijn leven, vele jaren later.