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good morning mr. Buffett mr. Munger my name is Steve Yates Im from Chicago Im Berkshire shareholder and this is my sixth year coming to this meeting Id like to thank you for all your time and advice through the years its been great Id also like to thank all those wonderful people who sold virture this year for giving us an opportunity to purchase more of the worlds greatest company for dirt cheap prices we will convey your thanks from them I own another stock which sells for four times current trailing earnings every quarter we get a report earnings go up sales go up cash flow goes up the equity base expands they gain market share and the stock goes down the company has a 60 percent five-year annualized growth rate and sells at four times earnings I have two related questions first is this a growth stock or a value stock and could you please give us your definitions of these terms second the company sells recreational vehicles demographic trends in the recreation and leisure area
