“In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.”

1997 Chairman's Letter http://www.berkshirehathaway.com/letters/1997.html
Letters to Shareholders (1957 - 2012)

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Warren Buffett 146
American business magnate, investor, and philanthropist 1930

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