Key Quotes from 1990 Shareholder Letter

1. "Last year I told you that though these companies — Capital Cities/ABC, Coca-Cola, GEICO, and Washington Post — had fine businesses and superb managements, widespread recognition of these attributes had pushed the stock prices of the four to lofty levels."

2. "Berkshire's equity capital — which now totals $5.3 billion — makes it certain that we cannot maintain our past rate of gain."

3. "The market is a voting machine — reflecting a voter-registration test that requires only money, not intelligence or emotional stability — but in the long-run, the market is a weighing machine."

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Source: Full Letter