1996-Afternoon Session-BRK Annual Shareholders Meeting
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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The Impact of Inflation on the Equity Market
In the mid-70s, you wrote an article on how inflation swindles the equity investor. The average return on equity for corporate America would be like 12% or 13%. Last year, the average was more like 20%. Have the laws of economics been repealed or modified? Or if not, what sort of calamities might occur as we revert to the mean?
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