Subject: Re: New All Time Highs
wrote in 1996: Mr. Buffett and Mr. Munger believe that Berkshire’s Class A Common Stock is not undervalued at the market price stated above. Neither Mr. Buffett nor Mr. Munger would currently buy Berkshire shares at that price, nor would they recommend that their families or friends do so.

Imagine all the dumb people that threw away their money in 1996 by paying $32,000 a share.