Value Investing and Lifelong Learning with Cole Smead
Excess Returns
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Buffett's Life Lessons From the 1970s
In 1969, we had the highest household ownership of common stocks in US history up to that point. Warren Buffett closed partnerships because he assumed stock returns are going to be low. He actually gave people three options: Take it to Berkshire instead, or go to the Sequoia Fund, which launched in July of 1970,. Or lastly, go buy Muni Bonds because he felt that Muni Bonds enhanced the returns then.
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