“I think the future of equities will be roughly the same as their past; in particular, common-stock purchases will prove satisfactory when made at appropriate price levels.
It may be objected that it is far too cursory and superficial a conclusion; that it fails to take into account the new factors and problems that have entered the economic picture in recent years — especially those of... the movement towards less consumption and zero growth.
Perhaps I should add to my list the widespread public mistrust of Wall Street as a whole, engendered by its well-nigh scandalous behavior during recent years in the areas of ethics, financial practices of all sorts, and plain business sense.”
— Benjamin Graham, 1974
That's the beginning of the most recent Longleaf Letter by Mason Hawkins.
Brilliant !
It may be objected that it is far too cursory and superficial a conclusion; that it fails to take into account the new factors and problems that have entered the economic picture in recent years — especially those of... the movement towards less consumption and zero growth.
Perhaps I should add to my list the widespread public mistrust of Wall Street as a whole, engendered by its well-nigh scandalous behavior during recent years in the areas of ethics, financial practices of all sorts, and plain business sense.”
— Benjamin Graham, 1974
That's the beginning of the most recent Longleaf Letter by Mason Hawkins.
Brilliant !
