March 10, 2000

10 March 2004

On this date in 2000, the NASDAQ closed at 5048.62. Berkshire Hathaway’s A shares stood at a 52-week low of $40,800 per share on that date.

As of this writing, Berkshire stands at $94,250 per A share and the NASDAQ is at 1984.51.

Remember when earnings, sales and a ”real” business were thought to be unnecessary? If you remember any of that, you lived through one of the great bubbles in American history. If you don’t remember any of that, you were either asleep or too young to be aware.

With 290 million people in this country and a world-wide population of 6 billion, where will your customers be in the future? Rather than go into some protectionist mode, it’s time to use the best techniques available in business to become the preferred supplier of some product or service. Or, you can be a frightened chipmunk.

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