Cobas AM: Nueva Gestora de Francisco García Paramés

When there is nothing to do, do nothing

WARREN BUFFETT, AS BERKSHIRE'S CHAIRMAN, AND CHARLES MUNGER, AS BERKSHIRE'S
VICE CHAIRMAN, WANT YOU TO KNOW THE FOLLOWING (AND URGE YOU TO IGNORE ANYONE
TELLING YOU THAT THESE STATEMENTS ARE "BOILERPLATE" OR UNIMPORTANT):
 
1. Mr. Buffett and Mr. Munger believe that Berkshire's Class A Common Stock is
   not undervalued at the market price stated above. Neither Mr. Buffett nor
   Mr. Munger would currently buy Berkshire shares at that price, nor would
   they recommend that their families or friends do so.
 
2. Berkshire's historical rate of growth in per-share book value is NOT
   indicative of possible future growth. Because of the large size of
   Berkshire's capital base (approximately $17 billion at December 31, 1995),
   Berkshire's book value per share cannot increase in the future at a rate
   even close to its past rate.
 
3. In recent years the market price of Berkshire shares has increased at a rate
   exceeding the growth in per-share intrinsic value. Market overperformance of
   that kind cannot persist indefinitely. Inevitably, there will also occur
   periods of underperformance, perhaps substantial in degree.
 
4. Berkshire has attempted to assess the current demand for Class B shares and
   has tailored the size of this offering to fully satisfy that demand.
   Therefore, buyers hoping to capture quick profits are almost certain to be
   disappointed. Shares should be purchased only by investors who expect to
   remain holders for many years.