I Get To Do What I Like

I'll Tell You Why I Like The Cigarette Business. It Cost A Penny To Make. Sell It For A Dollar. It's Addictive. And There's A Fantastic Brand Loyalty.

The Ability To Say No Is A Tremendous Advantage For An Investor.

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.

I'm Happy When I Can Spend Every Day Doing The Things That I Like To Do. That's My Luxury.

I Have No Use Whatsoever For Projections Or Forecasts. They Create An Illusion Of Apparent Precision. The More Meticulous They Are, The More Concerned You Should Be. We Never Look At Projections, But We Care Very Much About, And Look Very Deeply At, Track Records. If A Company Has A Lousy Track Record, But A Very Bright Future, We Will Miss The Opportunity.