We Like To Buy Businesses, But We

Never Invest In A Business You Don't Understand.

I Have Always Cautioned Partners That I Considered Three Years A Minimum In Determining Whether We Were "performing".

People Who Watch Their Weight, Golf Scores, And Fuel Bills Seem To Shun Quantitative Evaluation Of Their Investment Management Skills Although It Involves The Most Important Client In The World-themselves.

When You Combine Ignorance And Leverage, You Get Some Pretty Interesting Results.

It Takes 20 Years To Build A Reputation And Five Minutes To Ruin It. If You Think About That, You'll Do Things Differently.