Notes from Warren Buffett’s letter to shareholders of Berkskhire Hathaway Inc., dated February 25, 2017. Americans have delivered abundance beyond the dreams of our forefathers who started 240 years ago. It’s our market system that has been the primary factor in allocating rewards. Government has determined the distribution of a significant portion of the bounty. Early Americans crafted a system that unleashed human potential and their successors built upon it. During scary periods you should never forget that widespread fear is your friend because it serves up bargain purchases, and personal fear is you enemy because investors simply sit and don’t take action when they should, or worse they sell at depressed prices.