Charlie Munger, right hand man of Warren Buffett is interviewed in the December edition of Kiplinger's Personal Finance. The interview is a must read.
Below is my favorite quote from the interview.
Q:"Ibbotson finds 10% average returns back to 1926, and Jeremy Siegel has found roughly the same back to 1802.
A: Jeremy Siegel's numbers are total balderdash. When you go back that long ago, you've got a different bunch of companies. You've got a bunch of railroads. It's a different world. I think it's like extrapolating human development by looking at the evolution of life from the worm on up. He's a nut case. There wasn't enough common stock investment for the ordinary person in 1880 to put in your eye."
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This posting also available at www.reasonedinvesting.com
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Berkshire Hathaway Current Holdings (August 17, 2005)
Berkshire Hathaway recently reported earnings and in doing so disclosed their current holdings as of June 30, 2005. Notice that Berkshire initiated positions in Lowe's and Home Depot. Lowe's has been a Cramer "Best of Breed" for some time. Read
Buffett on Patience (June 10, 2005)
VInvesting.com has put together a "Warren Buffett Zone". The page is a collection of Berkshire Hathway annual meeting notes from several sources, going to back to 1994. Fat Pitch Financials has a list of links to notes from the 2005 annual meeting. I found ... Read
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