Do Not Put All Your Eggs In

You Shouldn't Own Common Stocks If A 50 Per Cent Decrease In Their Value In A Short Period Of Time Would Cause You Acute Distress.

If You Understood A Business Perfectly And The Future Of The Business, You Would Need Very Little In The Way Of A Margin Of Safety. So, The More Vulnerable The Business Is, Assuming You Still Want To Invest In It, The Larger Margin Of Safety You'd Need. If You're Driving A Truck Across A Bridge That Says It Holds 10,000 Pounds And You've Got A 9,800 Pound Vehicle, If The Bridge Is 6 Inches Above The Crevice It Covers, You May Feel Okay, But If It's Over The Grand Canyon, You May Feel You Want A Little Larger Margin Of Safety.

If You Lose Money For The Firm, I Will Be Forgiving. If You Lose Reputation, I Will Be Ruthless.

Always Invest For The Long Term.

Our Goal Is To Find An Outstanding Business At A Sensible Price, Not A Mediocre Business At A Bargain Price.