Larger Sums May Be An Advantage At

I Bought My First Stock In 1942, In The Summer Of '42. I Was 11 Years Old. And So 75 Years Have Gone By. And I Have Never Known What The Market's Going To Do The Next Day. And That's Not My Game. My Game Is To Decide Whether I'm In The Right Economy, Which America's Definitely Been Ever Since That Time. The Dow Has Gone From 100 To 21,000 During That Time. And No Matter What The Headlines Say, Or Terrible Things Are Happening - We Were Losing The War In The Pacific When I First Bought Stocks.

In Fact, In My Adult Lifetime, I Don't Think I've Ever Seen People As Fearful Economically As They Are Right Now.

When Forced To Choose, I Will Not Trade Even A Night's Sleep For The Chance Of Extra Profits.

You Will Be Right, Over The Course Of Many Transactions, If Your Hypotheses Are Correct, Your Facts Are Correct, And Your Reasoning Is Correct. True Conservatism Is Only Possible Through Knowledge And Reason.

The Big Question About How People Behave Is Whether They've Got An Inner Scorecard Or An Outer Scorecard. It Helps If You Can Be Satisfied With An Inner Scorecard.