Is Management Rational?

Cash Combined With Courage In A Time Of Crisis Is Priceless.

There Seems To Be Some Perverse Human Characteristic That Likes To Make Easy Things Difficult.

I Think What People Understand There Probably - Well, They Were Hoping The Private Sector Would Do It [rescuing Aig ].

Intrinsic Value Can Be Defined Simply: It Is The Discounted Value Of The Cash That Can Be Taken Out Of A Business During Its Remaining Life. The Calculation Of Intrinsic Value, Though, Is Not So Simple. As Our Definition Suggests, Intrinsic Value Is An Estimate Rather Than A Precise Figure, And It Is Additionally An Estimate That Must Be Changed If Interest Rates Move Or Forecasts Of Future Cash Flows Are Revised.

I Don't Like What's Going On With The Executive Compensation.