Excerpts from Warren Buffett’s Letter to Shareholders for year 1978
....We make no attempt to predict how security markets will behave; successfully forecasting short term stock price movements is something we think neither we nor anyone else can do. In the longer run, however, we feel that many of our major
equity holdings are going to be worth considerably more money
than we paid…
…Slow capital turnover, coupled with low profit margins on sales, inevitably produces inadequate returns on capital
