Turnarounds Seldom Turn.

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

Interest Rates Are To Asset Prices What Gravity Is To The Apple. When There Are Low Interest Rates, There Is A Very Low Gravitational Pull On Asset Prices.

Lethargy Bordering On Sloth Remains The Cornerstone Of Our Investment Style. The Exception Was Wells Fargo, A Superbly-managed, High-return Banking Operation In Which We Increased Our Ownership To Just Under 10%, The Most We Can Own Without The Approval Of The Federal Reserve Board.

All But A Few Of The Organizations Do Not Specifically Promise To Deliver Superior Investment Performance Although It Is Perhaps Not Unreasonable For The Public To Draw Such An Inference From Their Advertised Emphasis On Professional Management.

I Have An 800 Freephone Number Now That I Call If I Get The Urge To Buy An Airline Stock. I Call At Two In The Morning And I Say: "my Name Is Warren And I'm An Aeroholic." And Then They Talk Me Down.