• We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and
    businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.

    Letter To the Shareholders of Berkshire Hathaway Inc., March 7, 1995.
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