The partners who took Berkshire stock in 1970 when it traded around $40 seemed no better off five years later. “It looked like not much was happening favorably for a long, long time,” says Munger. “And that was not the way our partners, by and large, had previously experienced things. The paper record looked terrible, yet the future, what you might call the intrinsic record, the real business momentum, was gaining all the while.”
