Key Quotes from 1993 Shareholder Letter

1. "Five years ago we had no thought of getting into shoes. Now we have 7,200 employees in that industry, and I sing 'There's No Business Like Shoe Business' as I drive to work."

2. "In the short-run, 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."

3. "We have no view of the future that dictates what businesses or industries we will enter. Indeed, we think it's usually poison for a corporate giant's shareholders if it embarks upon new ventures pursuant to some grand vision."

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Source: Full Letter