[10/7/05] In Berkshire Hathaway's 1997 chairman's letter, Warren Buffett famously wrote:
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? ...
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.
[10/19/05] During the Berkshire Hathaway annual meeting, Buffett said the keys to being a successful investor are temperament and the right basic idea.
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