If You Are Not Willing To Own

I Make No Effort To Predict The Course Of General Business Or The Stock Market. Period. However, Currently There Are Practices Snowballing In The Security Markets And Business World Which, While Devoid Of Short Term Predictive Value, Bother Me As To Possible Long Term Consequences.

I Don't Think It Would Be Crazy To Have A Model Or An Entity Model On The Reconstruction Finance Corp.

Diversification May Preserve Wealth, But Concentration Builds Wealth.

Lethargy Bordering On Sloth Remains The Cornerstone Of Our Investment Style. The Exception Was Wells Fargo, A Superbly-managed, High-return Banking Operation In Which We Increased Our Ownership To Just Under 10%, The Most We Can Own Without The Approval Of The Federal Reserve Board.

We Continue To Make More Money When Snoring Than When Active.