Buffett's speech at the New York Society of Security Analyst...

Buffett's speech at the New York Society of Security Analysts in December 1994:

"I believe that Graham had three basic ideas that are sufficient to form the foundation of an investor's intellectual framework. I cannot imagine, if you want to do reasonably well in the stock market, what else you could turn to besides these ideas.

None of these ideas is complex, and none requires mathematical talent or anything of that sort. These three basic ideas are:

(1) Treat stocks as small pieces of a business.

(2) Regard market fluctuations as your friend rather than your enemy.

(3) Ensure a sufficient margin of safety when purchasing.I believe these ideas will be regarded as the cornerstones of sound investing from now until a hundred years from now."

$Berkshire Hathaway-A (BRK.A.US)$ $Berkshire Hathaway-B (BRK.B.US)$