Most of our large stock positions are going
to be held for many years and the scorecard on our investment decisions will be
provided by business results over that period, and not by prices on any given
day.
Just as it would be foolish to focus unduly
on short-term prospects when acquiring an entire company, we think it equally
unsound to become mesmerized by prospective near term earnings or recent trends
in earnings when purchasing small pieces of a company; i.e., marketable common stock.
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