When It's Raining Gold, Reach For A

A Lot Of People Disagree With Me On This, I Believe In Mark To Market.

The Speed At Which A Business Success Is Recognized, Furthermore, Is Not That Important As Long As The Company's Intrinsic Value Is Increasing At A Satisfactory Rate. In Fact, Delayed Recognition Can Be An Advantage: It May Give Us The Chance To Buy More Of A Good Thing At A Bargain Price.

We Will Continue To Ignore Political And Economic Forecasts, Which Are An Expensive Distraction For Many Investors And Businessmen. Thirty Years Ago, No One Could Have Foreseen The Huge Expansion Of The Vietnam War, Wage And Price Controls, Two Oil Shocks, The Resignation Of A President, The Dissolution Of The Soviet Union, A One-day Drop In The Dow Of 508 Points, Or Treasury Bill Yields Fluctuating Between 2.8% And 17.4%.

Is Management Rational?

I Can Do Anything I Want, Basically, As Long As It Doesn't Involve Athletic Ability, Or Something Like That.