Horses and Shares

Warren Buffett's annual letter to Berkshire Hathaway shareholders, mailed to them some months back, contained the usual mixture of anecdotes, jokes, admissions of mistakes and wisdom. Buffett said that companies looking at takeovers should beware of what sellers tell them; to illustrate, he tells this short joke:

"A man says to a veterinarian: 'Can you help me? Sometimes my horse walks just fine and sometimes he limps.' Replies the vet: 'No problem. When he's walking fine, sell him.'"

Moral of the Story: Always look a "gift" horse in the mouth.

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