Mark Boyar -- "Deja Vu All Over Again"

"The markets also look similar to ’stagflation’ markets during his start-up. The indices went nowhere until 1982, but below the surface there were great stock buys. It was a stock-picker’s market, and he thinks we are in for more of the same. Like in 1975, Boyar looks at the uncertainty and confusion in today’s markets, and sees opportunity." (Mark Boyar)


"The past few years have been a different story for us. At  the end of 1975 our insurance subsidiaries held common equities  with a market value exactly equal to cost of $39.3 million. At  the end of 1978 this position had been increased to equities (including a convertible preferred) with a cost of $129.1 million  and a market value of $216.5 million. During the intervening  three years we also had realized pre-tax gains from common  equities of approximately $24.7 million. Therefore, our overall  unrealized and realized pre-tax gains in equities for the three  year period came to approximately $112 million. During this same  interval the Dow-Jones Industrial Average declined from 852 to 805. It was a marvelous period for the value-oriented equity buyer." (Warren Buffet, 1978 Annual Letter)