Enjoy Your Work And Work For Whom

Don't Invest In Pieces Of Papers (stocks), Invest In Great Businesses Underlying Them

Gold Has Two Significant Shortcomings, Being Neither Of Much Use Nor Procreative.

It's Far Better To Buy A Wonderful Company At A Fair Price Than A Fair Company At A Wonderful Price.

We Rarely Use Much Debt And, When We Do, We Attempt To Structure It On A Long-term Fixed Rate Basis. We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet. This Conservatism Has Penalized Our Results But It Is The Only Behavior That Leaves Us Comfortable, Considering Our Fiduciary Obligations To Policyholders, Depositors, Lenders And The Many Equity Holders Who Have Committed Unusually Large Portions Of Their Net Worth To Our Care.

Banking Is Very Good Business If You Don't Do Anything Dumb.