Got this emailed to me tonight. I think it was posted originally on gurufocus.com but not sure….
The parallels between now and 1992 are stunning. In 1992 it was $WFC, today it is $BAC. Even the arguments against the banks are nearly identical. It is interesting that at the time of the interview he had 33% of his liquid net worth in the stock (this was before $FAIRX was formed) and was buying more. It should also be noted here that Buffett made a killing in the 70’s-80’s in $AXP shares that at one time were 40% of Berkshire’s ($BRK.A) portfolio. I wondering how many people were telling them to diversify for “safety”?