Shares Are Not Mere Pieces Of Paper.

Buy Companies With Strong Histories Of Profitability And With A Dominant Business Franchise.

Making Money Isn't The Backbone Of Our Guiding Purpose; Making Money Is The By-product Of Our Guiding Purpose. If You're Doing Something You Love, You're More Likely To Put Your All Into It, And That Generally Equates To Making Money

Should You Find Yourself In A Chronically Leaking Boat, Energy Devoted To Changing Vessels Is Likely To Be More Productive Than Energy Devoted To Patching Leaks.

If You Understood A Business Perfectly And The Future Of The Business, You Need Very Little In The Way Of A Margin Of Safety.

We Do Not View The Company Itself As The Ultimate Owner Of Our Business Assets But Instead View The Company As A Conduit Through Which Our Shareholders Own Assets.