"..when we own portions of outstanding businesses with...

"..when we own portions
of outstanding businesses with outstanding managements, our
favorite holding period is forever. We are just the opposite of
those who hurry to sell and book profits when companies perform
well but who tenaciously hang on to businesses that disappoint."
brka made the strategic KO purchase in the year 1988 purchasing 200m at $1.299bn.
This is a true testament to any value investment.

*brka missed all the gains of the 80s under the superb leadership of Goizueta. Sitting on the sideline waiting to enter not at the least possible price (or bottom) they could get but at a time of when they could see the company in the right direction at a value/price that reflected that.
*Patience and ignoring market hysteria on quality companies is a must.
*ko has fluctuated on brka's books from as low as $1bn to as high as $13.4bn, currently as of 2005 Annual report fair value is $8.1bn. However, more importantly earnings have increased which yield $200m a year! No loose change at all.

As many are seeing with bhp currently, ignore the market movements. A worldwide leader which has operated for a century or more has significant value, even at times of irrational exuberance/selling.