No. of Recommendations: 15
Enjoyed this 3 minute read with a lot of nice lessons and quotes from young Buffett from the BPL days. Remarkably consistent over 70 years!
https://www.morningstar.com/stocks/5-key-investing...Excerpt:
“Most of you know I have been very apprehensive about general stock market levels for several years. To date, this caution has been unnecessary. By previous standards, the present level of ‘blue chip’ security prices contains a substantial speculative component with a corresponding risk of loss. Perhaps other standards of valuation are evolving which will permanently replace the old standard. I don’t think so. I may very well be wrong; however, I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of a ‘New Era’ philosophy where trees really do grow to the sky.”—Feb. 20, 1960“
