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Shares Anyone?

Pierpoint Morgan is credited with replying to someone who asked how much it cost to keep his yacht available for use, that “if you have to ask how much you can’t afford it”.

When reduced to absolute basics the only difference between Warren Buffet and an 18 year old who’s been given 100 shares in BHP as a birthday gift is simply one of scale. The shared factor is that they both own part of operational enterprises where ownership is evidenced by pieces of paper called “shares”.

Shareholders have thinking patterns somewhat similar to those at the racetrack clearly divided between those who actually own their racehorse – or at least a share in one – and those who are holding a ticket whose real value is decided over the course of a very small number of minutes.