====== Letter to Shareholders 2009 ======

[[http://www.berkshirehathaway.com/letters/2008ltr.pdf]]

This year's letter (22 pages) from the chairman (Warren Buffett) is a better read than normal. Here are a few of my favourite sentences:
  * 4 "We're certain, for example, that the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond - but that conclusion does not tell us whether the stock market will rise or fall."
  * 5 "When investing, pessimism is your friend, euphoria the enemy."
  * 5 "We like buying underpriced securities . . ." 
  * 7 "we...hold the purchased companies through thick and thin (though we prefer thick and thicker)" 
  * Mr Buffett's brief comments on the new "leveraged-buyout operators" now re-labeled "private equity" were marvelous. 7 

If you are into this type of reading, but do not have much time, be certain to read pages 15, 16 and 17 of this PDF file. It is loaded with a variety of most interesting comments are many topics. On page 16, for instance, this sentence. 
  * "Clinging to cash equivalents or long-term government bonds at present yields is almost certainly a terrible policy if continued for long." 
  * Connolly Comment - Beware of people who claim to speak in Mr. Buffet's name. Read the words of 'The Charirman' himself. An exception would be Chapter 9 about Warren Buffet  in //Value Investing from Graham to Buffett and Beyond// by Greenwald et all, 2001. This is my favourite value investing text, especially the chapter on Seth Klarman from page 231. I must get my book report on //Value Investing from Graham to Buffett and Beyond// posted sometime.