Bob Markman

Finally, Three Reasons to Buy

Re Buffet's 1979 call: Yes, he was right over the succeeding twenty years, but let's not forget that he was very, very early (read: wrong) for the first three years. Recall that the Great Bull Market did not begin until August 1982! Can you imagine the pain if Buffet is 'right' in the same way today? Who could, at this point, stand another couple of years of losses before the whole thing finally turns. Maybe Waren can. But do you have a similar $40 billion cushion? Moral: be careful with your historic analogies; sometime they say exactly the opposite of what you intend.