My Idea Of A Group Decision Is

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.

If You've Been Playing Poker For Half An Hour And You Still Don't Know Who The Patsy Is, You're The Patsy.

If You Lose Money For The Firm, I Will Be Forgiving. If You Lose Reputation, I Will Be Ruthless.

Confidence In Markets And In Institutions, It's A Lot Like Oxygen. When You Have It, You Don't Even Think About It. It's Indispensable. You Can Go Years Without Thinking About It. When It's Gone For Five Minutes, It's The Only Thing To Think About.

Many Stock Options In The Corporate World Have Worked In Exactly That Fashion: They Have Gained In Value Simply Because Management Retained Earnings, Not Because It Did Well With The Capital In Its Hands.