Aqui fica um excerto daquilo que Warren Buffett dirá aos accionistas da empresa da qual ele é o sócio maoritário, a Berkshire Hathaway's:
"We continue to do little in equities. Charlie [Munger, Berkshire's Vice Chairman] and I are increasingly comfortable with our holdings in Berkshire's major investees because most of them have increased their earnings while their valuations have decreased," Buffett writes. "But we are not inclined to add to them. Though these enterprises have good prospects, we don't yet believe their shares are undervalued."
"In our view, the same conclusion fits stocks generally. Despite three years of falling prices, which have significantly improved the attractiveness of common stocks, we still find very few that even mildly interest us."
"The aversion to equities that Charlie and I exhibit today is far from congenital. We love owning common stocks--if they can be purchased at attractive prices. In my 61 years of investing, 50 or so years have offered that kind of opportunity. There will be years like that again. Unless, however, we see a very high probability of at least 10% pretax returns (which translate to 6% to 7% after corporate tax), we will sit on the sidelines. With short-term money returning less than 1% after-tax, sitting it out is no fun. But occasionally successful investing requires inactivity."
(in
www.realmoney.com)
No Sábado, a carta completa será apresentada no site da Berkshire.
Ulisses
Enviado: 9/3/2003 21:22