Key Quotes from 2004 Shareholder Letter

1. "I didn't do that job very well last year. My hope was to make several multi-billion dollar acquisitions that would add new and significant streams of earnings to the many we already have. But I struck out."

2. "In one respect, 2004 was a remarkable year for the stock market... If you examine the 35 years since the 1960s ended, you will find that an investor's return... from the S&P has averaged 11.2% annually... But if you look for years with returns anywhere close to that 11.2% -- say, between 8% and 14% -- you will find only one before 2004."

3. "Over the 35 years, American business has delivered terrific results. It should therefore have been easy for investors to earn juicy returns... An index fund that they never touched would have done the job. Instead many investors have had experiences ranging from mediocre to disastrous."

4. "Run your business as if it were the only asset your family will own over the hundred years."

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Source: Full Letter