Two Rules: 1. Preserve The

Investors... Can't Pick Stocks That Are Better Than Average. Stocks Are A Good Thing To Own Over Time. There's Only Two Things You Can Do Wrong: You Can Buy The Wrong Ones, And You Can Buy Or Sell Them At The Wrong Time. And The Truth Is You Never Need To Sell Them.

Having First Rate People On The Team Is More Important Than Designing Hierarchies And Clarifying Who Reports To Whom.

The Banking Business Is No Favorite Of Ours. When Assets Are Twenty Times Equity - A Common Ratio In This Industry - Mistakes That Involve Only A Small Portion Of Assets Can Destroy A Major Portion Of Equity. And Mistakes Have Been The Rule Rather Than The Exception At Many Major Banks.

If You Are Not Willing To Own A Stock For 10 Years, Do Not Even Think About Owning It For 10 Minutes.

We're Still In A Recession. We're Not Gonna Be Out Of It For A While, But We Will Get Out.