Never Depend On A Single Source Of

In Other Words, The Percentage Change In Book Value In Any Given Year Is Likely To Be Reasonably Close To That Year's Change In Intrinsic Value.

I Think The Congress Will Do The Right Thing. I Think That They've - You Know, They Got Into Certain Arguments And They Start Worrying About Assessing Blame, And There Is A Little Demagoguery, But In The End, Something This Important, They'll Do The Right Thing. So This Really Is An Economic Pearl Harbor. That Sounds Melodramatic, But I've Never Used That Phrase Before. And This Really Is One.

What An Investor Needs Is The Ability To Correctly Evaluate Selected Businesses. Note That Word “selected”: You Don't Have To Be An Expert On Every Company, Or Even Many. You Only Have To Be Able To Evaluate Companies Within Your Circle Of Competence. The Size Of That Circle Is Not Very Important; Knowing Its Boundaries, However, Is Vital.

Never Invest In A Business You Can't Understand

The Woman That Comes In, Takes The Wastebasket Away, She's Paying 15.3 Or Whatever It Is On Payroll Tax Alone. I Mean It Is - I Never Had It So Good.