From BRK.A 1993 Investor LetterLet me add a lesson from history: Coke (NYSE: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."
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.