Inactivity Strikes Us As Intelligent Behavior.

We Simply Attempt To Be Fearful When Others Are Greedy And To Be Greedy Only When Others Are Fearful.

I’ve Never Believed In Risking What My Family And Friends Have And Need In Order To Pursue What They Don’t Have And Don’t Need.

One Of The Ironies Of The Stock Market Is The Emphasis On Activity. Brokers, Using Terms Such As 'marketability' And 'liquidity,' Sing The Praises Of Companies With High Share Turnover... But Investors Should Understand That What Is Good For The Croupier Is Not Good For The Customer. A Hyperactive Stock Market Is The Pick Pocket Of Enterprise.

Over The Years, A Number Of Very Smart People Have Learned The Hard Way That A Long String Of Impressive Numbers Multiplied By A Single Zero Always Equals Zero.

In Other Words, The Percentage Change In Book Value In Any Given Year Is Likely To Be Reasonably Close To That Year's Change In Intrinsic Value.