The Fed Is The Greatest Hedge Fund

As Of 1992, In Fact-though The Picture Would Have Improved Since Then-the Money That Had Been Made Since The Dawn Of Aviation By All Of This Country's Airline Companies Was Zero. Absolutely Zero.

Do Not Put All Your Eggs In One Basket.

The Most Important Quality For An Investor Is Temperament, Not Intellect. You Need A Temperament That Neither Derives Great Pleasure From Being With The Crowd Or Against The Crowd.

I Just Don't See Anything Available That Gives Any Reasonable Hope Of Delivering Such A Good Year And I Have No Desire To Grope Around, Hoping To 'get Lucky' With Other People's Money. I Am Not Attuned To This Market Environment, And I Don't Want To Spoil A Decent Record By Trying To Play A Game I Don't Understand Just So I Can Go Out A Hero.

I Am Out Of Step With Present Conditions. When The Game Is No Longer Played Your Way, It Is Only Human To Say The New Approach Is All Wrong, Bound To Lead To Trouble, And So On. On One Point, However, I Am Clear. I Will Not Abandon A Previous Approach Whose Logic I Understand ( Although I Find It Difficult To Apply ) Even Though It May Mean Foregoing Large, And Apparently Easy, Profits To Embrace An Approach Which I Don't Fully Understand, Have Not Practiced Successfully, And Which Possibly Could Lead To Substantial Permanent Loss Of Capital.