Be Patient and Think Long-Term



“The stock market is a device to transfer money from the ‘impatient’ to the ‘patient’.”

Warren Buffett,
Chairman, Berkshire Hathaway

The Benefit of Patience


Short-Term

Markets fluctuate greatly, driven by emotion.



Long-Term

Markets rise, reflecting the true value of the underlying businesses.



Tune Out Short-Term Noise

Monthly Percentage Change
S&P 500® 1992-2016

The market is represented by the S&P 500® Index. Past performance is not a guarantee of future results.

Compounding Long-Term Wealth

Hypothetical $10,000 Investment
S&P 500® 1992-2016

The market is represented by the S&P 500® Index. Investments cannot be made directly in an index. Past performance is not a guarantee of future results.

Be Patient and Think Long-Term


“As stewards of our shareholders’ savings, it is important to share the wisdom we have acquired over more than half a century of investing.”

Chris Davis
Portfolio Manager and Chairman