Mr. Market Is Your Servant, Not Your

I Have Always Cautioned Partners That I Considered Three Years A Minimum In Determining Whether We Were "performing".

It Makes A Difference Who The Treasury Secretary Is.

Market Prices For Stocks Fluctuate At Great Amplitudes Around Intrinsic Value But, Over The Long Term, Intrinsic Value Is Virtually Always Reflected At Some Point In Market Price.

I Look For Businesses In Which I Think I Can Predict What They're Going To Look Like In Ten To Fifteen Years Time. Take Wrigley's Chewing Gum. I Don't Think The Internet Is Going To Change How People Chew Gum.

If You've Got The Power To Raise Prices Without Losing Business To A Competitor, You've Got A Very Good Business. And If You Have To Have A Prayer Session Before Raising The Price By A Tenth Of A Cent, Then You've Got A Terrible Business. I've Been In Both, And I Know The Difference.