Of Our 49 Billion, We Haven't Moved

If I Got A Chance To Take One Percent Of The Deal Either Way, I Would Make That Bet.

Risk Is A Part Of God's Game, Alike For Men And Nations.

Our Policy Is To Concentrate Holdings. We Try To Avoid Buying A Little Of This Or That When We Are Only Lukewarm About The Business Or Its Price. When We Are Convinced As To Attractiveness, We Believe In Buying Worthwhile Amounts.

When 40 Billion Of Treasury Bills Are Sold Like, Seven Day Treasury Bills, At A Yield Of 1/20th Of One Percent, That Means The Whole Country Is Basically At The Point Virtually, Or A Lot Of The Country Is At The Point Of Putting The Money Under The Mattress.

Paradoxically, When 'dumb' Money Acknowledges Its Limitations, It Ceases To Be Dumb.