Funny how some things never change.
John D.
Rockefeller, Sr.: "Believing that fundamental conditions
of the country are sound and there is nothing in the business
situation to warrant the destruction of values that has taken
place on the exchanges during the past week, my son and I have
for some days been purchasing sound common stocks. We are continuing
and will continue our purchases in substantial amounts at levels
which we believe represent sound investment values." (Oct.
30, 1929).
Warren Buffett, commenting on his $5 billion investment in GS: "Goldman Sachs is an exceptional institution. It has an unrivaled global franchise, a proven and deep
management team and the intellectual and financial capital to continue
its track record of outperformance." (Sept 23, 2008)
For the record, here's how the sound common stocks worked out for the Rockefellers:
| Investment Trusts |
Sept. 5, 1929 |
Oct. 25, 1931 |
| American International |
$84
|
$6
|
| American, British & Continental |
$14.50
|
$1
|
| Goldman Sachs Trading |
$110
|
$2.50
|
| Selected Industries |
$25.50
|
$1
|
