Key Quotes from 2007 Shareholder Letter

1. "You may recall a 2003 Silicon Valley bumper sticker that implored, 'Please, God, Just One More Bubble.' Unfortunately, this wish was promptly granted..."

2. "You only learn who has been swimming naked when the tide goes out -- and what we are witnessing at some of our largest financial institutions is an ugly sight."

3. "This wish was promptly granted, as just about all Americans came to believe that house prices would forever rise."

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Source: Full Letter