I Can't Promise Results, But

The Idea That You Try To Time Purchases Based On What You Think Business Is Going To Do In The Next Year Or Two, I Think That's The Greatest Mistake That Investors Make Because It's Always Uncertain. People Say It's A Time Of Uncertainty. It Was Uncertain On September 10th, 2001, People Just Didn't Know It. It's Uncertain Every Single Day. So Take Uncertainty As Part Of Being Involved In Investment At All. But Uncertainty Can Be Your Friend. I Mean, When People Are Scared, They Pay Less For Things. We Try To Price. We Don't Try To Time At All.

There Is No Question That An Important Service Is Provided To Investors By Investment Companies, Investment Advisors, Trust Departments, Etc. This Service Revolves Around The Attainment Of Adequate Diversification, The Preservation Of A Long-term Outlook, The Ease Of Handling Investment Decisions And Mechanics, And Most Importantly, The Avoidance Of The Patently Inferior Investment Techniques Which Seem To Entice Some Individuals.

That's The Reality Of What They're Going To Sell Them To The Treasury For.

I've Already Written A Section In The Annual Report For Next Year Explaining Why I Think In One Case That The Figures On Our Balance Sheet As Calculated Are Wrong. But It's The Standard Way Of Doing It. It's Holy Writ. The Sec Wants Us To Do It That Way, And We'll Do It That Way, And I'll Explain Why I Think It's Wrong And Shareholders Can Read It And See Whether They Agree With My Logic Or Don't.

I Think Once You Start Putting Phony Figures Into Financial Statements, You Get In A Lot Of Trouble. And We've Seen So Much Of That In The Last 20 Years.