QuestionerMy question is for my children's watching at home today and the children in the audience. How should they look at stocks when every day in the media they see companies that have never made a time of their life go IPO?
WarrenYou don't have to really worry about, you know, what's going on in IPOs or people making my... People win lotteries every day, but there's no reason to have that effect at all. You shouldn't be jealous about it. I mean, you know, if they want to do mathematically unsound things, and one of them occasionally gets lucky, and they put the one person on television and the million that contributed to the winnings with a big slice taken out for the state, you know, don't get on there. It's nothing to worry about. Just all you have to do is figure out what makes sense, and you don't, and you look at buying, when you look, when you buy a stock, you get yourself in the mental frame of mind that you're buying a business. business. And if you don't look at a quote on it for five years, that's fine. Let the rest of the world go its own way. You don't want to get into a stupid game just because it's available. A lot of problems, Charlie would say, are caused by envy. You don't want to get envious to somebody who's won the lottery or bought an IPO that went up. You have to figure out what makes sense and follow your own course.