The Importance of Price in the Stock Market

The one thing we can confidently guarantee is that real inflation adjusted returns from investing in a standard collection of stocks will be lower in the long term future than they've been in the last 15 years or so. American business has done extraordinarily well in the last decade plus and that's a huge plus for securities because they just represent pieces of those businesses. The distinction really isn't whether their stock is held in street. Well that's one distinction. Class B shareholders as was pointed out in the prospectus originally for the B shares do not participate in the program. The A shares that are held by the beneficial owner do participate. We obtained a tax ruling in 1981 or thereabouts that made sure that there