warren buffett

Buffett Partnership Letter, January 24, 1962

“These are securities whose financial results depend on
corporate action rather than supply and demand factors
created by buyers and sellers of securities. In other words,
they are securities with a timetable where we can predict,
within reasonable error limits, when we will get how much
and what might upset the applecart. Corporate events such
as mergers, liquidations, reorganizations, spin-offs, etc.,
lead to work-outs.”

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