We Enjoy The Process Far More Than

Don't Invest In Pieces Of Papers (stocks), Invest In Great Businesses Underlying Them

You Are Neither Right Nor Wrong Because The Crowd Disagrees With You.

Never Lie Under Any Circumstances.

I Won't Close Down A Business Of Subnormal Profitability Merely To Add A Fraction Of A Point To Our Corporate Returns. I Also Feel It Inappropriate For Even An Exceptionally Profitable Company To Fund An Operation Once It Appears To Have Unending Losses In Prospect. Adam Smith Would Disagree With My First Proposition And Karl Marx Would Disagree With My Second; The Middle Ground Is The Only Position That Leaves Me Comfortable.

If You Don't Know Jewelry, Know The Jeweler.