Never Depend On A Single Source Of

Traditional Wisdom Is Long On Tradition And Short On Wisdom.

What You Really Want To Do In Investments Is Figure Out What's Important And Knowable. If It's Unimportant Or Unknowable You Forget About It.

Two Rules: 1. Preserve The Principal 2. When In Doubt, See Rule #1.

If You Get To My Age In Life And Nobody Thinks Well Of You, I Don't Care How Big Your Bank Account Is, Your Life Is A Disaster.

I Have No Use Whatsoever For Projections Or Forecasts. They Create An Illusion Of Apparent Precision. The More Meticulous They Are, The More Concerned You Should Be. We Never Look At Projections, But We Care Very Much About, And Look Very Deeply At, Track Records. If A Company Has A Lousy Track Record, But A Very Bright Future, We Will Miss The Opportunity.