COMPUTER NETWORKING: {PRIVATE}

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555 CALIFORNIA STREET SAN FRANCISCO 94104 (415) 781-9700February 20, 1997COMPUTER networking : { private }An Open Letter to warren buffett Re: Cisco SystemsPaul Johnson, CFA (212) 407-0415Paul Silverstein (212) 407-0440Mr. warren BuffettChairman of the Board andChief Executive OfficerBerkshire Hathaway Kiewit PlazaOmaha, Nebraska 68131Dear warren :If You Think Coke Is A Good Investment . . .ROBERTSON, STEPHENS & COMPANY1Paul Johnson, CFARobertson, Stephens & Company590 Madison AvenueNew York, NY 10022February 20, 1997Dear Mr. buffett :We have been ardent students and admirers of your investment career. Amongother tenets of your investment discipline, we share the following: Long-term investment horizons; A focus on operating business fundamentals and not stock marketsentiment; Fundamental analysis that focuses on neither value nor growth rubrics, which as you have so presciently noted, in and ofthemselves are devoid of any utility

Lowenstein’s Buffett and Robert Hagstrom’s The Warren Buffett Way. Lowenstein offers the following guide—gleaned from your letters to shareholders, other writings and comments over the years—to your investment discipline:

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