David Rosenthal: belief

Transcript context

…And actually, maybe we will see that last part here by tech stocks in the next next chapter. There's this scary thing where you look at this and you're like, maybe Buffett does know how to time the market. No one can, and yet the guy liquidated his partnership in ‘69, bought back in big in ‘71, ‘72, had this run all the way through the early ‘90s, started piling up cash in the ‘90s—and as we'll talk about, wrote a very famous article in ‘99 the year before the dot-com bubble burs,t articulating exactly how overheated everything was as he was piling up his cash. He is acting on his thoughts here. Maybe he can time the market. Maybe. We’ll save this for part three, but I would say the track record on market timing has not been great of late. No, but just to put some numbers around this 27.4% rate of return, if you had bought Berkshire in 1970, on January 1st, which is the day that Buffett distributed it out to everyone when we closed down the partnership, it was $45 a share. At the end of 1992—and of course, these are what we now call the A shares—that was $11,750 a share.…

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