Written in 1977 and only 14 sides long, a brilliant explanation of the effects of inflation on different asset classes.
An extract from the 2011 Berkshire Hathaway annual letter explaining why productive assets like shares or a farm should always be preferred to gold.
Reading Robert Shiller’s 2nd edition of this book (2005) had a profound effect on us and helped us to form our bearish stance ahead of the 2007 credit crunch. The 3rd edition (recently published) we suggest is required reading.
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