If You Have A Great Manager, You

It Is To Our Advantage To Have Securities Do Nothing Price-wise For Months, Or Perhaps Years, While We Are Buying Them.

I Bought My First Stock In 1942, In The Summer Of '42. I Was 11 Years Old. And So 75 Years Have Gone By. And I Have Never Known What The Market's Going To Do The Next Day. And That's Not My Game. My Game Is To Decide Whether I'm In The Right Economy, Which America's Definitely Been Ever Since That Time. The Dow Has Gone From 100 To 21,000 During That Time. And No Matter What The Headlines Say, Or Terrible Things Are Happening - We Were Losing The War In The Pacific When I First Bought Stocks.

Everybody's Got A Different Circle Of Competence. The Important Thing Is Not How Big The Circle Is. The Important Thing Is Staying Inside The Circle.

I Know That Congress Will Do The Right Thing.

Managers That Always Promise To 'make The Numbers' Will At Some Point Be Tempted To Make Up The Numbers.