The Three Most Important Words

Diversification Is A Protection Against Ignorance. It Makes Very Little Sense For Those Who Know What They're Doing.

We Try To Buy Businesses With Good-to-superb Underlying Economics Run By Honest And Able People And Buy Them At Sensible Prices. That's All I'm Trying To Do.

The Reaction Of Weak Management To Weak Operations Is Often Weak Accounting.

Aig Would Be Doing Fine Today. It Was One Of The Ten Largest Companies In The United States In Terms Of Market Value, Over 200 Billion, The Most Respected Insurer And Everything In The World.

You Have To Turn Over A Lot Of Rocks To Find Those Little Anomalies. You Have To Find The Companies That Are Off The Map - Way Off The Map. You May Find Local Companies That Have Nothing Wrong With Them At All. A Company That I Found, Western Insurance Securities, Was Trading For $3/share When It Was Earning $20/share!! I Tried To Buy Up As Much Of It As Possible. No One Will Tell You About These Businesses. You Have To Find Them.