No. of Recommendations: 9
<<Anybody remember 1999?>>
When I attended the BRK meeting in the Spring of 2000 I opened my
hotel room door at the Omaha Regency Circle Marriott and found a
"free" copy of the Omaha World Herald with many articles that caught
my eye. One article titled "Berkshire Hathaway Stockholders Still Bullish
on Warren Buffett" really spoke to the intelligence and loyalty of BRK
Shareholders.
"Don't ask me to support your story line," wrote Omahan Mark Shaw, a
software developer in an e-mail response to the Buffett question. "In
fact, I sold most of my tech portfolio and bought Berkshire Class B shares
while they were travelling down into the $1,400s."
.....George Morgan, a vice president with Kirkpatrick Pettis Investments
in Omaha said "When the stock was down to $41,000, that was not Mr. Buffett's
fault. It was the market's fault, which can vastly overprice or underprice a
stock. What has changed in the four weeks in terms of Mr. Buffett's activity?
Nothing.
The performance of Berkshire's operating companies, such as General Re and Geico Corp.
will drive Berkshire's stock, Morgan said. And he expects the drive upward to
continue.
And finally, there were the comments of shareholder Carrie Finlayson of Greenwich, Conn.
who said Berkshire's disappointing 1999 results strengthened her faith in Buffett
because the company was not 'swayed by Market Momentum. He will not spend my money to
buy stock at ridiculous prices because everyone else is doing so" she said.
"He hasn't lost it. Rather, he acted as the supremely rational person that he is."
Talk about comments that have withstood the test of time!
George Morgan cited Gen Re and Geico he could not cite BNSF, Johns Manville, Forest River,
Berkshire Hathaway Energy, Clayton Homes, Marmon, Precision Castparts, Iscar,
Allegheny, etc, etc. because none of those companies had been acquired yet.
Jim, I could really Dig your Keep on Truckin comment and for me
Berkshire will always be FAR OUT!!!
