Look For 3 Things In A Person.

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.

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.

While The Poor And Middle Class Fight For Us In Afghanistan, And While Most Americans Struggle To Make Ends Meet, We Mega-rich Continue To Get Our Extraordinary Tax Breaks.

Today People Who Hold Cash Equivalents Feel Comfortable. They Shouldn't. They Have Opted For A Terrible Long-term Asset, One That Pays Virtually Nothing And Is Certain To Depreciate In Value.

If We Have A Strength, It Is In Recognizing When We Are Operating Well Within Our Circle Of Competence And When We Are Approaching The Perimeter.