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Stocks B / Berkshire Hathaway


Subject:  Re: Buffett/Jayhawk Q&A Date:  7/15/2005  2:20 PM
Author:  mhirschey Number:  106443 of 254224


Actual results in the stock market are merely a point on the distribution of possible outcomes.

With an expected return of 15% and a standard deviation of 20% per year, actual results can vary dramatically from the expected outcome "as the game is played over a long period of time."

Buffett has done much better than the other inhabitants of "Graham and Doddsville."

Skill has played a tremendous part, of course.

Luck has played a role too.


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