Never Depend On A Single Source Of

The Most Common Cause Of Low Prices Is Pessimism - Sometimes Pervasive, Sometimes Specific To A Company Or Industry. We Want To Do Business In Such An Environment, Not Because We Like Pessimism But Because We Like The Prices It Produces.

The Financial Calculus That Charlie And I Employ Would Never Permit Our Trading A Good Night's Sleep For A Shot At A Few Extra Percentage Points Of Return. I've Never Believed In Risking What My Friends And Family Have And Need In Order To Pursue What They Don't Have And Don't Need.

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.

Problems In A Company Are Like Cockroaches In The Kitchen. You Will Never Find Just One

Risk Comes From Not Knowing What You're Doing.