In The Long Run Managements

Inactivity Strikes Us As Intelligent Behavior.

It's A Lot Easier To Buy Things Than It Is To Sell Them.

I Have Worked With Investors For 60 Years And I Have Yet To See Anyone - Not Even When Capital Gains Rates Were 39.9 Percent In 1976-77 - Shy Away From A Sensible Investment Because Of The Tax Rate On The Potential Gain.

The Optimum Portfolio Depends On The Various Expectations Of Choices Available And The Degree Of Variance In Performance Which Is Tolerable. The Greater The Number Of Selections, The Less Will Be The Average Year-to-year Variation In Actual Versus Expected Results. Also, The Lower Will Be The Expected Results, Assuming Different Choices Have Different Expectations Of Performance.

There's Nothing Inappropriate About Having Debt In America. It's What Helped Us Grow Over Time. And It's When Debt Gets Out Of Control That You Worry.