We Enjoy The Process Far More Than

In A Bull Market, One Must Avoid The Error Of The Preening Duck That Quacks Boastfully After A Torrential Rainstorm, Thinking That Its Paddling Skills Have Caused It To Rise In The World. A Right-thinking Duck Would Instead Compare Its Position After The Downpour To That Of The Other Ducks On The Pond.

Investing Is The Greatest Business In The World Because You Never Have To Swing. You Stand At The Plate; The Pitcher Throws You General Motors At 47! U.s. Steel At 39! And Nobody Calls A Strike On You. There's No Penalty Except Opportunity. All Day You Wait For The Pitch You Like; Then, When The Fielders Are Asleep, You Step Up And Hit It.

What's Nice About Investing Is You Don't Have To Swing At Every Pitch.

The Patient That's On The Floor With The Cardiac Arrest Is Not Wall Street. It's The American Economy.

In An Inflationary World, A Toll Bridge (like Company) Would Be A Great Thing To Own Because You've Laid Out The Capital Costs. You Built It In Old Dollars And You Don't Have To Keep Replacing It.