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Best Investing Lesson In History

Oct. 03, 2012 10:38 PM ETKO, BRK.A1 Comment
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From BRK.A 1993 Investor LetterLet me add a lesson from history: Coke (KO) went public in 1919 at $40 per share. By the end of 1920 the market, coldly reevaluating Coke's future prospects, had battered the stock down by more than 50%, to $19.50. At year end 1993, that single share, with dividends reinvested, was worth more than $2.1 million. As Ben Graham said: "In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine."

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