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If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Every
Would
Unwind
World
Derivatives
Institution
Institutions
Tried
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In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.
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It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.
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By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.
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I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].
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Be fearful when the markets get greedy, be greedy when the markets get fearful.
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Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.
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You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not stocks, and if the business does all right over the long term, so will the stock.
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The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
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AIG would be doing fine today. It was one of the ten largest companies in the United States in terms of market value, over 200 billion, the most respected insurer and everything in the world.
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If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.
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The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
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Occasionally, a man must rise above principles.
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