“home prices have not stopped going down but they will at some point.”

“it’s very hard to start interfering with markets without having a whole lot of unintended consequences. there were dumb lending practices in private equity financing and that’s why companies are hung up on the loan.”

“if they lend money to ppl who can’t make the payments they’re going to lose money”

“people thought houses could do nothing but go up so they didn’t pay attention to borrowed income etc.”

someone else will benefit from low prices

this is the silver lining of recessions

his letters are a big one

charlie muger and bill gross are given shout-outs

“i see purchasing power declining”

“i see unemployment increasing a little bit”

“what isn’t clear is how far out this goes”.

“in ‘73&’74 i kept buying more. we just look for good values and if we find them we buy them. nobody knows what the economy is going to look like a few years from now”

“you can’t rule it out. i have made money out of staying out of trouble”

it’s sort of goofy so it isn’t impossible.

the class a and class b have served us well.

but it’s not inconceivable

class A is $140,000

we want to discourage other people from buying our stock just to speculate.