Jewels from Buffett

As the BRK shareholder meeting approaches, i would like to share some excepts from Buffett's earlier interview going all the way back to November 1, 1974 issue of Forbes magazine.

Stay dispassionate and be patient, is Buffett's message. "You're dealing with a lot of silly people in the marketplace;it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be O.K.First the crowd is boozy on optimism and buying every new issue in sight. The next moment, it is boozy on pessimism, buying gold bars and predicting another Great Depression"

"Buy stocks that sell at ridiculously low prices. Low by what standards? By the conventional ones of net worth, book value, the value of the business as a going concern. Above all, stick with what you know; don't get too fancy."

"Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management and limited exposure to hard times. No high technology. No multicompanies. I don't understand them"

"Buy into a company because you want to own it, not because you want the stock to go up."

"People have been successful investors because they've stuck with successful companies. Sooner or later the market mirrors the business. Such classic advice is likely to remain sound in the future when they write musical comedies about the go-go boys."