Is Management Rational?

Success In Investing Doesn’t Correlate With I.q. Once You Are Above The Level Of 25; Once You Have Ordinary Intelligence, What You Need Is The Temperament To Control The Urges That Get Other People Into Trouble In Investing.

When You Listen To Tax-cut Rhetoric, Remember That Giving One Class Of Taxpayer A Break Requires - Now Or Down The Line - That An Equivalent Burden Be Imposed On Other Parties. In Other Words, If I Get A Break, Someone Else Pays. Government Can't Deliver A Free Lunch To The Country As A Whole. It Can However, Determine Who Pays For Lunch.

We Look For Things I Can Understand. A Lot Of Businesses I Don't Understand.

Activity Is The Enemy Of Investment Returns.

Cash, Though, Is To A Business As Oxygen Is To An Individual: Never Thought About When It Is Present, The Only Thing In Mind When It Is Absent... When Bills Come Due, Only Cash Is Legal Tender. Don't Leave Home Without It.