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This episode covers the concept called Mr. Market that teaches how you can be prepared with short-term stock price fluctuations.  It is a very simple concept to understand, but it is not an easy concept to implement in real life if you are an emotional person and are attached to the money invested in the stock market.  Remember that Mr. Market is there to serve you, not to guide you.

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Reference Documents: 1987 Berkshire Shareholder Letter; 1985 Berkshire Shareholder Letter