“As this is written, little fear is visible in Wall Street. Instead, euphoria prevails—and why not? What could be more exhilarating than to participate in a bull market in which the rewards to owners of businesses become gloriously uncoupled from the plodding performances of the businesses themselves. Unfortunately, however, stocks can’t outperform businesses indefinitely.”

in Investing, Warren E. Buffett, Writers

-Warren E. Buffett, 1986 Chairman’s Letter to the Shareholders of Berkshire Hathaway, Inc.

*This letter is dated February 27, 1987…there is a very good reason this man is wealthy.

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