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Gold Is Just a Brick ('Active Value Investing' Book Excerpt)

Um, who buys an investment with an expected holding period of 200 years? Will Microsoft be here in 170 years? Does that mean all the people who bought it in the early 1980's were stupid? Closing in on 100 years, GM is on death's door. However, if you bought it in the 1920's and held on through the 1970's, you cleaned up. Will Apple, RIMM or Google be here in 200 years? Does anyone care?