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TIP484: How Warren Buffett Became the Greatest Investor to Ever Live (Part 2)
We Study Billionaires - The Investor’s Podcast Network
Buffett's Time Was Up
In March 2000, Buffett announced that Berkshire was so cheap that they would consider offers to buy their own stock from shareholders who were willing to sell. The Nasdaq peaked at roughly $1,700 in March 2000, and then declined by 53% to nearly $800 by October of 2002. Before Buffett and Berkshire could buy back a single one of their shares, their stock rose by 24%. One shareholder at the annual meeting even had the guts to suggest to Buffett and Munger that they should invest 10% of Berkshire's assets in technology. But Buffett just responded that real bursts of speculation just tend to eventually get corrected.
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