1997-Afternoon Session-BRK Annual Shareholders Meeting
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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The Dow and the S&P 500: A Comparison
If you believe American business can earn the kind of returns on equity. That they have been earning in the last or it has in the last couple of years, then you postulate no change in interest rates. You can justify 7,000 on the Dow and 800 on the S&P. And if interest rates go higher, the valuation goes down automatically.
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