“Wild swings in market prices far above and below business value do not change the final gains for owners in aggregate; in the end, investor gains must equal business gains. But long periods of substantial undervaluation and/or overvaluation will cause the gains of the business to be inequitably distributed among various owners, with the investment result of any given owner largely depending on how lucky, shrewd, or foolish he happens to be.”

in Investing, Warren E. Buffett, Writers

-Warren E. Buffett, 1985 Chairman’s Letter to the Shareholders of Berkshire Hathaway, Inc.

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