The U.s. Treasury Has Got

As An Investor With Small Capital, One Should Prefer Businesses That Have High Returns On Capital And That Require Little Incremental Investment To Grow.

The Strategy We've Adopted Precludes Our Following Standard Diversification Dogma. Many Pundits Would Therefore Say The Strategy Must Be Riskier Than That Employed By More Conventional Investors. We Disagree. We Believe That A Policy Of Portfolio Concentration May Well Decrease Risk If It Raises, As It Should, Both The Intensity With Which An Investor Thinks About A Business And The Comfort-level He Must Feel With Its Economic Characteristics Before Buying Into It.

Time Is The Friend Of The Wonderful Company, The Enemy Of The Mediocre.

When I Take A Look At A Company's Annual Report, If I Don't Understand It, They Don't Want Me To Understand It.

If You Don't Feel Comfortable Owning Something For 10 Years, Then Don't Own It For 10 Minutes.