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William Ruane: If earnings grow, the stock price eventually follows

February 25, 2005
When Warren Buffett wound up his Buffett Partnership 35 years ago, he asked William Ruane to set up a fund to handle all his partners. This tells us something about William Ruane. In his letter to shareholders today, William Ruane is talking about his investment philosophy: we make concentrated investments in a limited number of companies that have superior long-term economic prospects and that sell at attractive prices. We're less concerned with the annual movement in share prices than we are with the earnings progress exhibited by our holdings. If earnings grow, the stock price eventually follows

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