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.”

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