Saturday, September 13, 2008

On quotational loss

In the midst of the 1990 stock market slump after Berkshire had fallen 36% from $8,675 to $5,500 and Fortune magazine estimated that Buffett had a paper loss so far for the year of $1.5 billion or $215,450 an hour: "I have not cut back from double hamburgers to a single hamburgers."

(Fortune, November 5, 1990)

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