Annual shareholder letter from Martin Whitman: “The mortgage meltdown-housing collapse seems nothing new for the U.S. economy. During the last 60 years, virtually every sector of the American economy has gone through depressions as bad as anything that occurred in the 1930s.”
CNBC article on Berkshire Hathaway's stock performance in 2007. The article includes a table that compares the performance of Berkshire's stock against the S&P 500 for each year from 1977-2007. Berkshire's stock has average a 30.4% return during that period versus 9.8% for the S&P 500.
Long-Term Equity Anticipation Securities (LEAPS) is a fancy name for long-term equity options. LEAPS usually extend about two and half years and operate just like a traditional option. They give you the right to buy (we'll stick to call options) a certain stock at a certain price within a certain time.
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