As long as businesses are increasing shareholder value at a satisfactory rate, a long term investor would prefer that the stock market delay its recognition.

It is Warren Buffett's practice to let companies inform him by their operating results, not by their short-term stock quotes, whether Berkshire's investments are successful.

He is convinced that although the stock market, in the short run, may ignore a business's financial results, it will, over time, confirm a company's success or failure at providing increased shareholder value.

Buffett remembers Ben Graham telling him that "in the short run, the market is a voting machine but inn the long run it is a weighting machine."

He is willing to be patient.  In fact, as long as Berkshire's businesses are increasing shareholder value at a satisfactory rate, he would prefer that the stock market delay its recognition, thereby allowing him the opportunity to purchase more shares at bargain prices.