Risk Can Be Greatly Reduced

All Day You Wait For The Pitch You Like; Then When The Fielders Are Asleep, You Step Up And Hit It.

Asset-heavy Businesses Generally Earn Low Rates Of Return - Rates That Often Barely Provide Enough Capital To Fund The Inflationary Needs Of The Existing Business, With Nothing Left Over For Real Growth, For Distribution To Owners, Or For Acquisition Of New Businesses

When Asked How He Became So Successful In Investing, Buffett Answered: 'we Read Hundreds And Hundreds Of Annual Reports Every Year.

Uncertainty Is The Friend Of The Buyer Of Long Term Values.

If We Have A Strength, It Is In Recognizing When We Are Operating Well Within Our Circle Of Competence And When We Are Approaching The Perimeter.