Derivatives Are Like Sex. It's Not Who

When We Went Crazy, And We Did Go Crazy On Residential Real Estate, It Set Things In Motion That Just - The Dominoes Started Toppling.

Remember That The Stock Market Is Manic-depressive.

I Think That Trying To Invest Through 535 People Is A Tough Job, You Know, And So I Would Give More Latitude.

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

The Worst Sort Of Business Is One That Grows Rapidly, Requires Significant Capital To Engender The Growth, And Then Earns Little Or No Money. Think Airlines. Here A Durable Competitive Advantage Has Proven Elusive Ever Since The Days Of The Wright Brothers. Indeed, If A Farsighted Capitalist Had Been Present At Kitty Hawk, He Would Have Done His Successors A Huge Favor By Shooting Orville Down.