In This Business If You're

Just Because You Buy A Stock And It Goes Up Does Not Mean You Are Right. Just Because You Buy A Stock And It Goes Down Does Not Mean You Are Wrong.

Searching For Companies Is Like Looking For Grubs Under Rocks: If You Turn Over 10 Rocks You'll Likely Find One Grub; If You Turn Over 20 Rocks You'll Find Two.

You Should Not Buy A Stock Because It's Cheap But Because You Know A Lot About It.

In Business, Competition Is Never As Healthy As Total Domination.

Absent A Lot Of Surprises, Stocks Are Relatively Predictable Over Twenty Years. As To Whether They're Going To Be Higher Or Lower In Two To Three Years, You Might As Well Flip A Coin To Decide.