I Have Pledged - To You, The

Only Buy Something That You'd Be Perfectly Happy To Hold If The Market Shut Down For 10 Years.

What The Wise Do In The Beginning, Fools Do In The End.

An Argument Is Made That There Are Just Too Many Question Marks About The Near Future; Wouldn't It Be Better To Wait Until Things Clear Up A Bit? You Know The Prose: "maintain Buying Reserves Until Current Uncertainties Are Resolved," Etc. Before Reaching For That Crutch, Face Up To Two Unpleasant Facts: The Future Is Never Clear And You Pay A Very High Price For A Cheery Consensus. Uncertainty Actually Is The Friend Of The Buyer Of Long-term Values.

When We Really Sit Back With A Smile On Our Face Is When We Run Into A Situation We Can Understand, Where The Facts Are Ascertainable And Clear, And The Course Of Action Obvious.

If You Know How To Value Businesses, It's Crazy To Own 50 Stocks Or 40 Stocks Or 30 Stocks, Probably Because There Aren't That Many Wonderful Businesses Understandable To A Single Human Being In All Likelihood. To Forego Buying More Of Some Super-wonderful Business And Instead Put Your Money Into #30 Or #35 On Your List Of Attractiveness Just Strikes Charlie And Me As Madness.