Be Fearful When There Is Greed And

Asset Values And Earning Power Are The Dominant Factors Affecting The Valuation Of A Controlling Interest In A Business. Market Price, Which Governs Valuation Of Minority Interest Positions, Is Of Little Or No Importance In Valuing A Controlling Interest.

The Most Important Investment You Can Make Is In Yourself. Very Few People Get Anything Like Their Potential Horsepower Translated Into The Actual Horsepower Of Their Output In Life. Potential Exceeds Realization For Many People...the Best Asset Is Your Own Self. You Can Become To An Enormous Degree The Person You Want To Be.

It's Never Paid To Bet Against America. We Come Through Things, But Its Not Always A Smooth Ride.

Market Prices For Stocks Fluctuate At Great Amplitudes Around Intrinsic Value But, Over The Long Term, Intrinsic Value Is Virtually Always Reflected At Some Point In Market Price.

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.