I Never Try To Predict The Market.

In Economics, You Always Want To Ask 'and Then What?'

The Value Of A Business Is The Cash It's Going To Produce In The Future.

Our Marketable Equities Tell Us By Their Operating Results - Not By Their Daily, Or Even Yearly, Price Quotations - Whether Our Investments Are Successful. The Market May Ignore Business Success For A While, But Eventually Will Confirm It.

We Can Afford To Lose Money - Even A Lot Of Money. But We Can't Afford To Lose Reputation - Even A Shred Of Reputation.

Investment Decision Should Be Made On The Basis Of The Most Probable Compounding Of After-tax Net Worth With Minimum Risk.