Never in Buffett’s career had resolution and clear thinking been put to the kind of test that he had endured for the past three years. Every indication in the market said that he was wrong. He had only his inner conviction to steer him straight. And this was the needy man who was so sensitive to public criticism that he ran from anything that would expose him to it; who had sculpted his life around managing his reputation; and who fought like a tiger against anything that could sully it. Yet, even under siege to his reputation, this time, Buffett never fought back. He neither wrote editorials,
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