Below is a message to shareholders from Warren Buffet. I’ve added emphasis (bold) to some of his points and have not included all comments. For the complete article the PDF is available for download here: http://www.berkshirehathaway.com/2008ar/2008ar.pdf

As the year progressed, a series of life-threatening problems within many of the world’s great financial institutions was unveiled. This led to a dysfunctional credit market that in important respects soon turned non-functional. The watchword throughout the country became the creed I saw on restaurant walls when I was young: “In God we trust; all others pay cash.” Read More »