We've Used Derivatives For Many, Many Years.

Consciously Paying More For A Stock Than Its Calculated Value - In The Hope That It Can Soon Be Sold For A Still-higher Price - Should Be Labelled Speculation

It Is More Important To Say "no" To An Opportunity, Than To Say "yes".

I Always Invest In Companies An Idiot Could Run, Because One Day One Will.

We Really Can Say No In 10 Seconds Or So To 90%+ Of All The Things That Come Along Simply Because We Have These Filters.

Basically, The Single-most Important Decision In Evaluating A Business Is Pricing Power.