Nice find here from John, a reader of the blog. Good one for the archives.
https://www.youtube.com/watch?v=2MHIcabnjrA&feature=youtu.be&t=4638
Mr. Buffett argues that it not realistic to value real estate holding companies at the grossed up price of their last fractional/marginal sale. Hard to disagree. What we are seeing now, in my opinion, is the market paying attention to the top and bottom lines of the income statement.
Great find! I did a petite Google search and found the speech was made in October 1998.
Click to access BuffettUofFloridaspeech.pdf
LikeLiked by 1 person