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William Ruane: I donít think you have to make an investment

August 30, 2005

Thatís one of the problems that we have today in the investment field. People think they have to be doing something when the prudent thing might be to not do anything. And there are times when things are ridiculously high, and there are times when things are ridiculously low. And there are times when you have distortions in particular industries. At this particular time, I find in most areas where you can invest a lot of money, the prices simply are unlikely to reward you in a significant way, whether itís real estate or the bond market or stocks. And Warren has stated that over the next 15 years, and I think it will probably turn out to be less than that, heíll probably have an opportunity to put that money to work at some fairly nice returns. But you just never know when the opportunities will develop.

http://www.sequoiafund.com/reports/transcript.htm

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