In My View, [the Trade

We Intend To Continue Our Practice Of Working Only With People Whom We Like And Admire. This Policy Not Only Maximizes Our Chances For Good Results, It Also Ensures Us An Extraordinarily Good Time.

If You Can't Read The Scoreboard. You Don't Know The Score. If You Don't Know The Score, You Can't Tell The Winners From The Losers.

If We Start Deciding, Based On Guesses Or Emotions, Whether We Will Or Won't Participate In A Business Where We Should Have Some Long Run Edge, We're In Trouble.

The Strategy We've Adopted Precludes Our Following Standard Diversification Dogma. Many Pundits Would Therefore Say The Strategy Must Be Riskier Than That Employed By More Conventional Investors. We Disagree. We Believe That A Policy Of Portfolio Concentration May Well Decrease Risk If It Raises, As It Should, Both The Intensity With Which An Investor Thinks About A Business And The Comfort-level He Must Feel With Its Economic Characteristics Before Buying Into It.

In One Way, I'm Sympathetic To The Institutional Reluctance To Face The Music. I'd Give A Lot To Mark My Weight To 'model' Rather Than To 'market.'