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we've run Berkshire now for 47 years uh there have been several time oh four or five times when we thought it was significantly undervalued um we saw the price get cut in half uh at least four times or roughly in half in Fairly short periods of time and I would say this if you run any business for a long period of time there going to be times when it's it's overvalued and sometimes when it's undervalued Tom Murphy ran one of the most successful companies the world's ever seen and in the early 1970s his stock was selling for about a third of what you could have sold the properties for and you know Berkshire back in 2000 uh 2001 whenever it was that I wrote in the annual report that we were also going to repurchase shares was selling it uh what I thought was a very low price and we didn't get any repurchased but that stocks the beauty of stocks is they do sell at silly prices from time to time I mean that's that's how Charlie and I have gotten Rich you know Ben Graham writes about it in chapter eight of of U of the intelligent investor you know next um uh well chapters 8 and chapters 20 are are really all you need to do to get rich in this world and chapter8 says that in the market you're going to have a partner named Mr market and the beauty of him as your partner is that he's kind of a psychotic drunk and and he will do very weird things over time and your job is to remember that he's there to serve you and not to advise you and if you can keep that mental state that all those thousands of prices that Mr Market is offering you every day on every major business in the world practically that he is making lots of mistakes and he makes them for all kinds of weird reasons and all you have to do is occasionally oblige him when he offers to either buy or sell from you at the same price on any given day any given security so it's built into the system that stocks get mispriced and Burkshire has been no exception to that I think birkshire generally speaking has come closer toing around its intrinsic value over a 47e period or so uh than most large companies if you look at the range from our high to low in a given year and compare that to the range high and low on 100 other stocks I think you'll find that our stock fluctuates somewhat less than most which is a good sign but uh b i I will tell you in the next 20 years Burkshire will someday be significantly over valued and some at some point significantly undervalued and uh uh that will be true for cocacola and Wells Fargo and IBM and all of the other Securities that I I don't I just don't know in which order and at which times but the important thing is that you you you make your decisions based on what you think the business is worth and if you make your buy and sell decisions based on what you think a business is worth and you stick with businesses that you think you've got good reason to think you can value you simply have to do well in stocks the stock market is the most obliging money-making uh place in the world because you don't have to do anything you know you sit there with thousands of businesses being priced at the same price for the buyer and the seller and you don't and it changes every day and you've got lots of information about most of those businesses and you don't have to do anything you know compare that to any other investment alternative you've got I mean you can't do that with Farms if you own a farm and the guy has the farm next to you and you kind of like to buy them out or something he he's not going to name a price every day at which he'll buy your farm or sell you his farm but you can do that with you know you can do it with bur your hathway or IBM it's it's a marvelous game the rules are stacked in your favor if if you don't turn those rules upside down and start behaving like the drunken psychotic instead of the guy that's there to to take advantage of him Charlie well what's interesting about this place is that I think we've had a lot more fun and we got rich enough so we bought businesses and stocks to hold instead of to resell it's an enormously more constructive life so as fast as you can work yourself into our position the better off you'll be and you should be very encouraged by the fact that he's only 88 and I'm only 881 just think me take you a little while
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