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When we invest in stocks, we invest in businesses represented by stocks. We try to select good businesses with excellent economics. 

1996 was another good year, which we did not expect but in which we participated. Fortunately we are investors who are slow to buy and even slower to sell. It really paid to be patient. 

Over the last three months, an anticipated mild correction has turned into a nasty major decline that threatened to put at risk the world financial system. 

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