Berkshire Hathaway, Inc. – Annual Report 2007

Gestern veröffentlichte Buffett (der dieses Jahr 78 wird) seinen berühmt berüchtigten Letter to the Shareholders – wie immer ein interessanter Abriss des vergangenen Jahres.

Selbst jenen, die an der Börse nur eine „Trading Position“ halten, sei der Abschnitt „Businesses – The Great, the Good and the Gruesome“ (Seite 6 ff) als Lektüre empfohlen!

Zur Subprime-Krise vermerkt Buffet (Seite 3):

„You may recall a 2003 Silicon Valley bumper sticker that implored, "Please, God, Just One More Bubble." Unfortunately, this wish was promptly granted, as just about all Americans came to believe that house prices would forever rise. That conviction made a borrower's income and cash equity seem unimportant to lenders, who shoveled out money, confident that HPA - house price appreciation - would cure all problems. Today, our country is experiencing widespread pain because of that erroneous belief. As house prices fall, a huge amount of financial folly is being exposed. You only learn who has been swimming naked when the tide goes out - and what we are witnessing at some of our largest financial institutions is an ugly sight.”

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