Famous Quotes from 2004 Annual Meeting

1. "Our stock doesn't split. We believe in keeping it that way."

2. "A high price keeps short-term traders away. Long-term investors benefit."

3. "We've had another good year. The businesses are strong."

4. "Our intrinsic value grows faster than book value."

5. "We won't split the stock. It serves no useful purpose."

6. "The Class A is priced for a reason. It keeps the right shareholders."

7. "Intrinsic value is about future earnings. Book value is history."

8. "Intrinsic value exceeds book value significantly."

9. "Most investors should buy an index fund. They can't beat the market."

10. "If you can't analyze businesses, don't try to pick stocks."

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Source: 2004_Annual_Meeting.md