Warren Buffett Letter to Katherine Graham in 1975

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Warren Buffett Letter to Katherine Graham in 1975
By USA White House [Public domain], via Wikimedia Commons

Warren Buffett letter to Katherine Graham on pensions and how he saved the Washington Post.

Warren Buffett Letter to Katherine Graham in 1975

Excerpt followed by full letter below.

After A Tough Year, Odey Asset Management Finishes 2021 On A High

For much of the past decade, Crispin Odey has been waiting for inflation to rear its ugly head. The fund manager has been positioned to take advantage of rising prices in his flagship hedge fund, the Odey European Fund, and has been trying to warn his investors about the risks of inflation through his annual Read More

“If above-average performance is to be their yard stick, the vast majority of investment managers must fail. Will a few succeed — due to either to chance or skill? Of course. For some intermediate period of years a few are bound to look better than average due to chance — just as would be the case if 1,000 ‘coin managers’ engaged in a coin-flipping contest. There would be some ‘winners’ over a five or 10-flip measurement cycle. (After five flips, you would expect to have 31 with uniformly ‘successful’ records — who, with their oracular abilities confirmed in the crucible of the marketplace, would author pedantic essays on subjects such as pensions.)”

Warren Buffett letter below

160301289-Warren-Buffett-Katharine-Graham-Letter

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