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It has been a while since I last sumarised the annual letters that Warren Buffett writes to his shareholders. I was halfway through the 2001 letter, and will attempt to round it up here.

In that year, Warren Buffett had lukewarm feelings about stocks for the rest of the decade. He felt that the market had outperformed the business for a long period of time, and that had to end. Any investor buying in at that time would likely be disappointed.

…Continue reading » Berkshire Annual Letters 2001