I Sent One E-mail In My Life.

If You Have More Than 120 Or 130 I.q. Points, You Can Afford To Give The Rest Away. You Don't Need Extraordinary Intelligence To Succeed As An Investor.

Continually Challenge And Be Willing To Amend Your Best Loved Ideas.

It's Almost Impossible To Overpay The Truly Extraordinary Ceo... But The Species Is Rare.

I Certainly Have No Desire To Sell A Good Controlled Business Run By People I Like And Admire, Merely To Obtain A Fancy Price. However, Specific Conditions May Cause The Sale Of One Operating Unit At Some Point.

We Rarely Use Much Debt And, When We Do, We Attempt To Structure It On A Long-term Fixed Rate Basis. We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet. This Conservatism Has Penalized Our Results But It Is The Only Behavior That Leaves Us Comfortable, Considering Our Fiduciary Obligations To Policyholders, Depositors, Lenders And The Many Equity Holders Who Have Committed Unusually Large Portions Of Their Net Worth To Our Care.