Charlie And I Have A Number Of

In Earlier Years, A Lesser Effort Produced Literally Dozens Of Comparable Opportunities. It Is Difficult To Be Objective About The Causes For Such Diminution Of One's Own Productivity. Three Factors That Seem Apparent Are: (1) A Somewhat Changed Market Environment; (2) Our Increased Size; And (3) Substantially More Competition.

So Smile When You Read A Headline That Says "investors Lose As Market Falls." Edit It In Your Mind To "disinvestors Lose As Market Falls-but Investors Gain." Though Writers Often Forget This Truism, There Is A Buyer For Every Seller And What Hurts One Necessarily Helps The Other. (as They Say In Golf Matches: "every Putt Makes Someone Happy.")

I Would Rather Sustain The Penalties Resulting From Over-conservatism Than Face The Consequences Of Error, Perhaps With Permanent Capital Loss, Resulting From The Adoption Of "new Era" Philosophy Where Trees Really Do Grow To The Sky.

There Are Three Important Principles To Graham's Approach. [the First Is To Look At Stocks As Fractional Shares Of A Business, Which] Gives You An Entirely Different View Than Most People Who Are In The Market. [the Second Principle Is The Margin-of-safety Concept, Which] Gives You The Competitive Advantage. [the Third Is Having A True Investor's Attitude Toward The Stock Market, Which] If You Have That Attitude, You Start Out Ahead Of 99 Percent Of All The People Who Are Operating In The Stock Market - It's An Enormous Advantage.

Stop Trying To Predict The Direction Of The Stock Market, The Economy Or Elections.