Key Quotes from 1999 Shareholder Letter

1. "The numbers on the facing page show just how poor our 1999 record was. We had the worst absolute performance of my tenure and, compared to the S&P, the worst relative performance as well."

2. "We bought both for cash, issuing no Berkshire shares. Deals of that kind aren't always possible, but that is the method of acquisition that Charlie and I vastly prefer."

3. "For Berkshire, truly large superiorities over that index are a thing of the past."

4. "I think you're spending too much time on that one subject."

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Source: Full Letter