Word: shared
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Dates: during 1990-1999
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Reading A Pirate Looks at Fifty is like sitting with Buffett at a beachside bar, listening to him spin tales, repeat himself now and then, discourse on life and share nifty bits of geography and history. ("In the late '30s, Henry Ford...constructed a picture-perfect replica of a Michigan town to house 10,000 rubber workers" in the Amazonian jungle. "It didn't catch on.") He has a gift for equatorial observation but doesn't like to rough it. He wants his adventures to come with a four-star hotel and perhaps a chilled bottle of Puligny-Montrachet...
...legend was sealed by A Pirate Looks at Forty, a mournful 1974 ballad that is still a concert highlight. When its narrator, a pirate born "200 years too late," offers up a confession--"I've done a bit of smugglin'/ I've run my share of grass/ I made enough money to buy Miami but I pissed it away so fast"--Buffett's fans assumed he was singing about himself. In fact, he wrote the song about one of his disreputable friends. "I was never the damn pirate," says Buffett...
Consider a stock or mutual fund in which you invest $100 a month at a starting price of $20 a share. After one month, the price is $25, a month after that $10, then $30, $15 and, finally, right back at $20, where it stays for a month. No gain after six months, you say? True, the stock is where it was when you started buying: $20. But because you invested $100 each month, you would have accumulated 34 shares at an average price of just $17.65, and be up by the annual equivalent of 27%. That's the magic...
...yeah, the Maytag I didn't buy on Wednesday? At the closing bell the company announced a massive stock buyback. I bought it the next day at $1 a share more than I would have paid if I'd listened to my wife...
...concerns. Soldiers, farmers and city dwellers have thrown themselves into the battle to shore up dikes, save lives and repair the damage, creating scenes reminiscent of the idealistic propaganda images of the 1950s. The floods remind the Chinese that even in an everyone-for-themselves market economy they share a common destiny; a destiny which they are able to shape by acting as a community...