January 30, 2006
Buffett’s problem: too much money
From Warren Buffett’s 2001 letter to his shareholders:
“In the future we won’t come close to replicating our past record. To be sure [we] will strive for above average performance and will not be satisfied with less. But two conditions at Berkshire are far different from what they once were: Then, we could often buy businesses and securities at much lower valuations than now prevail; and more important, we were then working with far less money than we now have.”
