A letter a day!

I try to read all the letters once in year. it is amazing that I find something new every time i read it and it never bores me.

Here is my learning from letter 1958 :

1. While it is impossible to determine how long they will continue to add numbers to their ranks and thereby stimulate rising prices, I believe it is valid to say that the longer their visit, the greater the reaction from it. – it is something like Newton’s 3rd law, for every action (force) in nature there is an equal and opposite reaction.

2. Our performance, relatively, is likely to be better in a bear market than in a bull market so that
   Deductions made from the above results should be tempered by the fact that it was the type of
   year when we should have done relatively will. In a year when the general market had a
   substantial advance, I would be well satisfied to match the advance of the averages.- In stock market, “Not loosing” is more important than “Wining”.

Thanks!