One document worth reading every year is Warren Buffett's 2008 letter to shareholders of Berkshire Hathaway (BRK.A) As it relates to his thoughts on the near term economic outlook:
We’re certain, for example, that the economy will be in shambles throughout 2009 – and, for that matter, probably well beyond – but that conclusion does not tell us whether the stock market will rise or fall.
On an absolute basis, Bershire reported its worst decline in per share book value of -9.6%. This did outpace the 37% decline in the S&P 500 Index though.
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