In his 1997 letter to Berkshire Hathaway shareholders (http://tinyurl.com/BH-1997), Buffett — the company’s chairman and CEO — made a brilliant analogy: “If you plan to eat hamburgers throughout your life and are not a cattle producer, should you wish for higher or lower prices for beef?” You want lower prices, of course: If you’re going to eat lots of burgers over the next 30 years, you want to buy them cheap.
