Key Quotes from 2001 Shareholder Letter

1. "Berkshire's loss in net worth during 2001 was $3.77 billion."

2. "The world was different after 9/11 — changed in ways that will be with us a long time, in ways we could not have imagined before that Tuesday morning."

3. "In an era of stable wages and prices, compound interest works its magic... But inflation is the arch-enemy of the investor."

4. "The insurance business has taught me that 'float' can be dangerous if managed by people who have either evil intentions or poor judgment."

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Source: Full Letter