Key Quotes from 2008 Shareholder Letter

1. "The derivatives genie, which we and others long warned about, is now out of the bottle in a way that will terrify you."

2. "Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."

3. "Be fearful when others are greedy, and greedy when others are fearful."

4. "It is not necessarily the case that a sound investment policy will produce satisfactory results in the short term. But it is necessarily the case that an unsound investment policy will eventually produce unsatisfactory results."

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Source: Full Letter